- Litecoin’s recovery is losing traction.
- LTC/USD may enter a consolidation mode.
Litecoin (LTC) has regain the ground lost during early Asian hours amid the massive sell-off on the cryptocurrency market. The 5th largest digital asset is trading at $72.60, mostly unchanged since this time on Thursday and 2.5% higher from the beginning of Friday.
Litecoin price technical picture
LTC/USD recovery stalled in the recent hours as the selling interest re-emerged on approach to $175.00 resistance strengthened by SMA100 (1-hour) and 61.8% Fibo retracement level. Once the price manages to clear this barrier, the upside momentum is likely to gain traction with the next aim at $78.00 (SMA200 1-hour).
On the downside, a clear move below $70.00 will expose the recent low of $69.38 and $69.00. A sustainable move lower will send an ominous signal to markets, precipitating crash towards $60.00.
Meanwhile, the intradaty Relative Strength Index stays flat in the neutral position, implying that the coin may enter a consolidation mode, adapting to the shifting sentiments on the market
LTC/USD, the hourly chart
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