Litecoin Price Analysis: LTC/USD to regain upside momentum once above daily SMA50

LTC/USD is locked in a tight range amid low trading activity.
A move above daily SMA50 will attract new buyers.

Tanya Abrosimova Independent Analyst

Litecpon (LTC) is oscillation in a tight range since the start of the week. The coin is trading at $43.60, mostly unchanged both since the start of the day and on a day-to-day basis with the short-term bearish bias. In the recent 24 hours, LTC/USD hs lost over 2% of its value, though the further decline is contained at this stage. Litecoin is the seventh largest digital asset with the current market value of $2.8 billion and an average daily trading volume of $2 billion.

LTC/USD: Technical picture

On the daily chart, LTC/USD has settled in a tight range limited by SMA50 at $45.10 on the upside and a combinatin of SMA100 and the lower boundary of the Bollinger Band at $42.50. The coin has recovered from June 15 low of $41.45; however, the further upside momentum seems to be limited for now. The flat RSI on the daily chart supports the range-bound scenario.

A sustainable move above the upper boundary of the channel will improve the technical [picture and allow for an extended recovery towards open up the way to $48.50 reinforced by the upper line of the daily Bollinger Band and the daily SMA200 and June 2 high at $49.50.

Meanwhile, if the price moves below $42.50, the sell-off is likely to continue with the next focus on the recent low.