Tanya Abrosimova
Independent Analyst
- Litecoin has been rangebound with bullish bias recently.
- LTC/USD needs to climb above $110.00 to proceed with the recovery.
Litecoin had been creeping higher in an attempt to stay above $100.00 after a push to $97.57 on June 4. The 5th largest cryptocurrency with the current market capitalization of $6.48 billion is changing hands at $104.3 at the time of writing. LTC/USD has gained 1/7% in recent 24 hours and stayed mostly unchanged since the beginning of Thursday trading.
From the long-term perspective, LTC/USD stays on a recovery track as long as it trades above $92.00 area supported by SMA100 (Simple Moving Average) on a weekly chart. A sustainable move below this handle will open up the way towards the next bearish aim of $88.70 created by SMA50 daily. Also, this development may increase the bearish pressure on the coin and push it towards $83.50 (38.2% Fibo retracement for the upside move from December 7, 2018 low).
On the upside, we will need to see a strong move above $110.00 barrier for the recovery to gain traction. The next resistance awaits Litecoin bulls at $120.00, followed by the recent high of $122.00. Once it is cleared, the upside may gain traction with the next focus on $156, which is 38.2% Fibo retracement for the more substantial downside move from December 2017 high to December 2018 low.
LTC/USD, 1-day chart
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