• LTC/USD needs to recover above $70.00 to mitigate immediate pressure.
  • The strong short-term support is created on approach to $67.50.

Litecoin is hovering around $70.00 during early Asian hours amid the global sell-off in the cryptocurrency markets. The fifth-largest digital asset with the current market value of $4.3 billion has lost over 2% in recent 24 hours and 2.3% since the beginning of the day as a dip below $70.00 increased the sellers' pressure on the price.

Litecoin’s technical picture

The initial support awaits LTC at $68.50. It is created by the lower line of 1-hour Bollinger Band and closely followed by the intraday low of $68.36. A sustainable move below this handle will open up the way towards psychological $68.00 and to $67.50 with SMA100 (Simple Moving Average) and SMA200 1-hour located on approach.

On the upside, we will need to see a recovery above $70.00 to mitigate the immediate bearish pressure. However, this area is guarded by the middle line of 1-hour Bollinger Band (currently at $69.89). Even stronger resistance is seen on approach to $71.00 as this area has been limiting re recovery since Sunday morning. Once it is out of the way, the upside is likely to gain traction with the next focus on $72.00 and $72.20 (the lower upper of 4-hour Bollinger Band).

LTC/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: BTC/USD en route to $20,000 by end of 2020

Bitcoin price has employed defense mechanisms after a breakdown from highs above $10,000. The price formed a weekly low below $9,400 before recovering above $9,600. The trading commenced at $9,667 on ...

More Bitcoin News

Ripple Price Analysis: XRP/USD sandwiched between SMA 200 and SMA 50 curves

XRP/USD dropped from $0.203 to $0.2028 as Wednesday’s sessions came to a close. The price is floating above the green Ichimoku cloud and between the SMA 200 and SMA 50 curves.

More Ripple News

ETH/USD trends near the upper curve of the 20-day Bollinger band

ETH/USD went up from $237.65 to $242.16 as Wednesday’s session came to a close. The price is trending near the upper curve of the 20-day Bollinger band, as the MACD shows increasing bullish momentum. 

More Ethereum News

IOT/USD outperforms Bitcoin, spikes above the Ichimoku Kinko Hyo

IOTA is towering above major cryptocurrencies in the market following a 1.7% growth on the day compared to Bitcoin’s 0.08% gain. Other cryptoassets such as Ethereum and Ripple have ...

More IOT News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP