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

LTC/USD

Overview
Today last price 61.34
Today Daily Change 1.2142
Today Daily Change % 2.01
Today daily open 60.3807
 
Trends
Daily SMA20 57.8337
Daily SMA50 58.3291
Daily SMA100 67.5196
Daily SMA200 85.4992
 
Levels
Previous Daily High 62.4293
Previous Daily Low 58.7843
Previous Weekly High 64.3264
Previous Weekly Low 57.3543
Previous Monthly High 64.1049
Previous Monthly Low 47.2078
Daily Fibonacci 38.2% 60.1767
Daily Fibonacci 61.8% 61.0369
Daily Pivot Point S1 58.6336
Daily Pivot Point S2 56.8865
Daily Pivot Point S3 54.9886
Daily Pivot Point R1 62.2786
Daily Pivot Point R2 64.1765
Daily Pivot Point R3 65.9236

 

 

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