Tanya Abrosimova
Independent Analyst
- Litecoin is moving in sync with the broader market.
- LTC/USD needs to grow above $25.00 for a more extended upside towards $30.00.
Litecoin, now the 9th largest coins with the current market value of $1.46B is changing hands at $24.27, down 2.5% since this time on Monday. LTC/USD attempted a recovery to $25.10 on Monday, but the upside momentum proved to be unsustainable. The coin is moving in sync with global cryptocurrencies with a bearish bias.
Litecoin's technical picture
On the intraday level, LTC/USD is capped by the mid-line of the Bollinger Band (1-hour) at $24.40. This local resistance is followed by a cluster o SMA levels (1-hour)at $25.00. Once it is cleared, the upside may be extended to $27.00 (Sunday's high). Considering the flat Relative Strength Index (RSI) and momentum indicator, it is hard to bet on a strong recovery at least in the near term.
Litecoin is likely to follow the lead of Bitcoin and other major cryptocurrencies, which means a sustainable upside movement is only possible in case of broad market recovery.
On the downside, LTC/USD is supported by the lower border of the Bollinger Band (1-hour) at $24.00. A strong move below that level will increase the bearish pressure and take LTC to the recent low of $22.37.
LTC/USD, 1-hour
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