Litecoin price analysis: LTC/USD has a hard time at $24.00
|- Litecoin is hovering around $24.00 handle.
- The short-term RSI is reversing to the downside.
Litecoin, now the 9th largest coins with the current market value of $1.46B recovered above $24.00 from $22.96 ow reached on Tuesday. The coin is mostly unchanged since the beginning of the day amid rangebound trading typical to the digital assets market on Wednesday.
Litecoin's technical picture
On the intraday level, LTC/USD is trying to settle above pivotal $24.00; however, this resistance level is strengthened by a confluence of strong technical indicators, including the upper of the Bollinger Band (1-hour) and SMA50. The next resistance is created by SMA100 (1-hour) at $24.58. Once this level is cleared, the upside may be extended towards $26.00 and $26.64 (SMA200, 1-hour). Considering that the Relative Strength Index is reversing to the downside, sustainable growth is hardly possible at least in the short-term.
On the downside, LTC/USD is supported by the middle border of the Bollinger Band (1-hour) at $23.52. A strong move below that level will increase the selling pressure and take Litecoin's price to $23.00 strengthened by the lower line of the Bollinger Band. Once below, the recent low of $22.37 will come into focus.
LTC/USD, 1-hour
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.