Tanya Abrosimova
Independent Analyst
- LTC/USD has recovered from the recent low, $100 keeps bulls at bay.
- The initial support is created by $97.20 handle.
Litecoin has been sidelined for the recent four days, capped by SMA100 (Simple Moving Average) currently at $102.76. The fourth-largest digital asset with the current market capitalization of $6.2 billion has gained nearly 10% in recent seven days to become of of the best-performing coins out of top-10.
LTC/USD bottomed out at $76.82 on July 16 and recovered to $105.87 by July 19. However, the upside momentum has been fading away since that time.
Litecoin's is halving is getting closer, which means that the coin may become more volatile ahead of the event.
Litecoin's technical picture
Litecoin bulls managed to push the coin above $100.00, but the upside proved to be unsustainable so far.We will need to see a strong move above mentioned SMA100 on a daily chart (currently at $102.76) to get the recovery back on track and unlock the way towards the next large barrier created by $117.5 (23.6% Fibo retracements for the upside move from $22.88 low). This area is strengthened by SMA50 daily located at $118.62. The initial resistance is created by psychological $120.00.
On the downside, a move below $97.20 (SMA100 weekly) may trigger an extended sell-off towards the next psychological barrier at $90.00, followed by 50% Fibo retracements for the above-said move at intraday low of $84.65, The ultimate support awaits us at $76.62 (the recent low) and $76.22 (SMA200 daily).
LT
C/USD, 1-day chart.
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