Tanya Abrosimova
Independent Analyst
- LTC/USD retraced from Monday's high of $59.23.
- More sell-off may be in store if $53.00 is cleared.
Litecoin, the 7th largest digital asset, is changing hands at $54.77 handle, unchanged both on a day-on-day basis and since the beginning of Tuesday. The coin moves in sync with other digital assets, locked in a range after Monday's wild gyrations. Litecoin's market value is registered at $3.2B and an average daily trading volume $343M.
Litecoin’s technical picture
Relative Strength Index (RSI) is pointed downwards, though it is still in the overbought territory, which means that the risks are tilted to the downside with the initial bearish aim at the congestion zone $53.00-$53.50. Once it is cleared, the sell-off may be extended towards psychological $50.00 and to the ultimate target at $48.90 created by the lower border of the short-term downside channel.
On the upside, a potential recovery is capped by $56.20 (an upper border of the above-said channel), this resistance is followed by $57.00-$57.20 congestion area that includes SMA100 and SMA200 (4-hour chart). A sustainable movement above this hurdle is a precondition for an extended recovery towards $60.00.
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?