Litecoin price analysis: LTC/USD rangebound with bullish bias
|- LTC/USD tries to develop an upside momentum within a range.
- The key resistance comes at $100.00.
Litecoin, now the 6th largest cryptocurrency with the current market capitalization of $5.6 billion, has been sitting in a tight range limited by $90.00 on the downside and $93.00 on the upside. LTC is mostly unchanged both since this time on Monday and since the beginning of the day. An average daily trading volume is registered at $3.3 billion, with over 50% of the total trading volume coming from cryptocurrency exchange platform P2PB2B. LTC is most actively traded against Bitcoin and USDT.
Litecoin's technical picture
The local support for the coin is created by the above mentioned psychological handle $90.00, strengthened by 23/6% Fibo retracement. Once it is cleared, the sell-off is likely to gain traction with the next focus on $85.00 (SMA100 4-hour) closely followed by $84.30 (38.2% Fibo retracement). This area is likely to trigger the recovery process as it has stopped the sell-off twice in May.
On the upside, we need to see a sustainable move above $93.00 for the recovery to gain traction. The next resistance awaits the coin at $97.00 ( this barrier is strengthened by May 19 high), while a critical hurdle is seen at $100.00.
LTC/USD, 4-hour chart
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.