Litecoin price analysis: Recovery to gather steam above 118.00


  • Litecoin tracks the recovery in its rivals, led by Bitcoin.
  • Bulls target a break above 20-hourly SMA for a sustained recovery.

The fifth most traded cryptocurrency, Litecoin, is seen making recovery attempts so far this Saturday after having witnessed aggressive selling earlier today amid a broader market sell-off. The coin stalled its correction post-Thursday’s slump and fell as low as 115.08 before recovering to 117.50 levels, where it now wavers.

Litecoin (LTC/USD) has managed to recover nearly 1.7% over the last 24 hours but still remains 17% down over the week. Despite such a big loss in value, Litecoin maintains a market capitalization of $7.34B, or 2.18% of the total cryptocurrency market cap. 

Looking ahead, the technical picture on the hourly sticks points to a potential upside only if the prices manage a sustained break above the 21-hourly Simple Moving Average (SMA) that is located at 117.96. The Relative Strength Index (RSI) bounced from the oversold territory and ticked upwards, strengthening the case for the continued recovery momentum.

Should the coin fail to chew the offers near the 118 handle, the rates could revisit the daily lows. A break below the last would bring the 50-daily SMA at 114.40 back in play.

LTC/USD 1-hour chart

Levels to Watch

LTC/USD

Overview
Today last price 117.34
Today Daily Change -2.8039
Today Daily Change % -2.35
Today daily open 119.4188
 
Trends
Daily SMA20 132.5574
Daily SMA50 113.6095
Daily SMA100 94.0963
Daily SMA200 66.5669
Levels
Previous Daily High 121.6887
Previous Daily Low 112.6044
Previous Weekly High 142.6333
Previous Weekly Low 109.8976
Previous Monthly High 122.0347
Previous Monthly Low 72.2954
Daily Fibonacci 38.2% 118.2185
Daily Fibonacci 61.8% 116.0746
Daily Pivot Point S1 114.1192
Daily Pivot Point S2 108.8196
Daily Pivot Point S3 105.0349
Daily Pivot Point R1 123.2036
Daily Pivot Point R2 126.9883
Daily Pivot Point R3 132.2879

 

 

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