Litecoin Price Analysis: LTC/USD settles above $40.00 amid strong Sunday rally
- LTC/USD has settled above $40.00 after a sharp growth.
- The technical picture implies that the coin may regain come ground.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.6 billion, is one of the best-performing altcoins out of top-10. LTC/USD has gained nearly 3% since the beginning of Sunday and 2/5% in recent 24 hours. At the time of writing, LTC/USD is changing hands at $40.93.
While the growth is mostly speculative by nature, a sustainable move above $40.00 will improve the short-term technical picture and allow for an extended correction ahead of Christmas.
Litecoin's technical picture
On the intraday chart, LTC/USD has recovered above SMA50 (Simple Moving Average) 4-hour at $40.65 and hit an intraday high of $41.36. The next resistance is created by SMA100 4-hour at $42.60, which is also the previous support level. Once it is out of the way, the upside is likely to gain traction with the next focus on SMA200 4-hour at $45.30.
On the downside, a sustainable move below $40.00 will push the price towards $39.60 ( the lower line of 4-hour Bollinger Band), and $37.00. The next support is created by the recent low of $35.98. If it is broken, the sell-off may start snowballing towards a psychological $30.00.
LTC/USD 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
