Litecoin price analysis: LTC/USD sidelined at $128.00; no risk-aversion flows in sight

Litecoin is consolidating win a narrow channel, waiting for fresh triggers.
Global risk aversion may support cryptocurrencies in the nearest future.

Tanya Abrosimova Independent Analyst

Litecoin short-term picture looks interesting as the price is sandwiched between 100 and 50-SMA on the hourly chart ($127.00 and $128.70 respectively). We need to break free from this depressingly tight range to gain momentum in either direction.

While general market is getting ready for increased volatility amid growing geopolitical tensions, the cryptocurrency market seems to have calmed down after the wild week. Theories about digital assets functioning as safe-haven lack validity so far, though they may catch up in case of further Middle East conflict escalation.

Litecoin technical picture

On the intraday level, LTC/USD is staying close to $128.00 support without clear momentum. As long as $127.00 is unbroken, the coin has a chance to retest $130.00, while the move below the said level will extend the downside towards $125.00 and $120.00.

LTC/USD, the hourly chart