Litecoin technical analysis: Bulls consolidate the recovery above 61.8% Fib level
- Saturday’s recovery drives the bulls to regain the 61.8% Fib level.
- Coin awaits fresh catalysts for the recovery to gain further momentum.
The fifth most widely traded cryptocurrency, Litecoin, consolidates the recovery from four-day lows of 58.78 in Saturday’s early European trading, tracking the rebound seen across the crypto space. Although the price has regained the 61 handle, the bulls need some fresh trading impetus to recover further towards last week’s highs at 64.32. Meanwhile, the coin loses over 1.50% in the last 24 hours., representing a market capitalization of $ 3.89B, or 1.62% of the total cryptocurrency market cap.
LTC/USD, 1-hour chart
- The coin consolidates above 61.8% Fibonacci Retracement (Fib) of the latest decline.
- Hourly Relative Strength Index (RSI) steadies in the overbought territory, suggesting that the recovery could be losing momentum
- Horizontal hourly 100-Simple Moving Average (HMA) at 62.15 is the level to defend for the bulls.
- The bearish trend to resume should the price breach the key support (confluence) zone circa 60.50.
LTC/USD daily chart
- Comfortable in a rising wedge, awaits fresh catalyst for a sustained breakout.
- The spot is currently trapped between bearish 100-Daily Moving Average (DMA) at 66.70 and 58 (confluence of 21 and 50-DMA).
- Daily Relative Strength Index (RSI) is pointing upwards towards the 50 level, indicating further upside room.
- Bulls need to take out the stiff resistances around 64.30 to strengthen the recovery.
LTC/USD Levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
