- LTC/USD failed to ground above $42.00, settled below 1-hour SMA50.
- Only 21% of Litecoin wallets are in a green zone.
Litecoin is the seventh largest digital asset with the current market value of $2.7 billion and an average daily trading volume of $1.15 billion. The coin is locked in a tight range below $42.00. LTC/USD has barely changed both a day-to-day basis, though it is down over 1% since the beginning of Thursday.
At the time of writing, only 21% of all LTC addresses are in a green zone, while 75% are nursing losses. The average balance of LTC addresses is marginally above $1,000, while an average transaction size has increased to nearly $6,000 from $2,700 registered at the beginning of the week, according to Intotheblock data.
LTC/USD: Technical picture
On the intraday charts, LTC/USD is hovering around 1-hour SMA50 at $41.50. If the price extends the decline below this level, psychological $41.00. This barrier may slow down the short-term bears as it has served as a backstop since the beginning of the week. If the sell-off gains traction, LTC may retreat towards psychological $40.00. The next strong support comes at recent low of $39.44 and $38.00, which is the lowest level since April 16.
On the upside, we will need to see a sustainable move above $42.00 to improve the short-term technical picture. This barrier is reinforced by 1-hour SMA200. Once it is out of the way, the upside is likely to gain traction with the next focus on $43.00 and $43.30 (the resistance area that capped the recovery on June 26.)
The RSI on 1-hour chart is flat in the neutral position, which means that short-term range-bound trading may prevail at this stage.
LTC/USD 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.