• 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Consolidating Bitcoin Price May Be Setting Up Ethereum for a 30% Surge

Bitcoin’s multi-month consolidation in a giant descending wedge led altcoins to defy trader’s common logic and the majority of altcoins continued to drop to new lows instead of rallying. 

More Bitcoin News

Dash market update: DASH/USD grinding into a bull trap

Dash buyers are showing their bullish prowess on Tuesday. Generally, indecision clouds the majority of cryptocurrencies on the market. However, Dash is putting intense pressure on key levels with the main purpose being to break above the symmetrical triangle resistance.

More Dash News

Litecoin (LTC) price analysis: LTC/USD spends its 8th birthday in a range

Litecoin is stuck in a depressingly narrow range limited by $58.00 on the upside and $53.00 on the downside. At the time of writing, LTC/USD is changing hands at $56.27, the coin has barely changed both since the beginning of the day and on a day-on-day basis despite mild recovery among other top altcoins. 

More Litecoin News

Ethereum (ETH) market update: a trip to $200.00 delayed for now

ETH bottomed at $152.50 on September 26 and managed to claw back some ground. However, the upside momentum has faded away on approach to the next critical resistance area of $190.00-$200.00.

More Ethereum News


Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast