Litecoin Price Analysis: LTC/USD may be vulnerable to short-term losses
|- Litecoin has settled above psychological support of $60.00.
- The short-term indicators signal that the coin may be vulnerable to the downside pressure.
Litecoin (LTC), the 7th largest digital asset with the current market value of $3.9 billion, has gained 3.7% in recent 24 hours. The coin topped at $62.38 on Monday and retreated to $60.70 by the time of writing. Notably, Litecoin's trading volume is registered at $5.5 billion, which is roughly in line with the recent figures.
According to Intotheblock data, only 35% of Litecoin addresses are in the money at the current price, while 58% of holders are losing money. Also, the concentration of bulls and bears is skewed to the downside, as there are 91 bearish addresses registered in the recent seven days against 88 bullish accounts. Intotheblock classifies a bull as an account that bought over 1% of the retail trading volume within the given period. Consequently, a bear is an address that sold over 1% of the retail volume.
LTC/USD: Technical picture
On the intraday chart, the initial barrier is created by $62.00-$62.30 area, which includes the upper line of 1-hour Bollinger Band. The next short-term target is created by SMA200 1-hour at $64.00 and $66.70, which is the lower boundary of the previous consolidation channel. This area separates LTC/USD from a psychological $0.70.00/
On the downside, a sustainable move below $60.00 will spoil the short-term technical picture and increase the bearish pressure on the price. The next support is created by a combination of SMA50 and SMA100 1-hour on approach to $59.50. Considering the downward-looking RSI, the bearish scenario looks likely; however, $56.00 should slow down sell-off and trigger the recovery, This level stopped Litecoin's downside on Monday.
LTC/USD 1-hour chart
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