Tanya Abrosimova
Independent Analyst
- LTC/USD needs to recover above $64.00 to mitigate an immediate pressure.
- The vital support is created by $63.00 handle.
At the time of writing, LTC/USD is changing hands at $63.60. The coin bottomed at $62.16 on August 29 and has been recovering since that time. However, the failure to settle above $65.00 worsened the short-term technical picture and pushed the price back below $64.00 handle. upside momentum is capped by sliding down after a strong collapse below critical $70.00 on August 28.
LTC/USD has gained nearly 1% of its value in recent 24 hours and returned to the fifth position in the global cryptocurrency rating. Litecoin’s market value is registered at $4 billion and an average daily trading volume is $4 billion.
Litecoin’s technical picture
The initial support is created by the lower line of the 1-hour Bollinger Band at $63.34. It is closely followed by psychological $63.00. This area may slow down the short-term bears; however, once it is out of the way, the downside momentum is likely to gain traction with the next focus at the recent low $62.16 followed by $60.00 (the lower line of 4-hour Bollinger Band is located on approach to this handle).
On the upside, we will need to see a sustainable move above $64.00 (SMA50 (Simple Moving Average) 1-hour) to mitigate the initial bearish pressure and allow for an extended recovery. The next resistance awaits us on approach to $65.00 (the upper line of 1-hour Bollinger Band and the middle line of 4-hour Bollinger Band).
LTC/USD, 1-hour chart
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