Litecoin price analysis: LTC/USD reclaims $70 support amid broad-based crypto recovery
|- Litecoin tests $72.00 resistance but leaves it unbroken.
- Current technical levels have bearish inclination; there is a possibility for sideways trading between $70 and $72.
Litecoin is among the weekend biggest gainers alongside Ethereum and Bitcoin Cash. The altcoins are said to be fighting to find their path away from Bitcoin. The largest cryptoasset is hovering above $10,300 as discussed in an earlier published analysis.
The lower high pattern recorded last week met its end on meeting the main ascending trendline at $67.52. The buyers pushed LTC above the simple moving averages; the 50 SMA on the one-hour chart at $69.11 and 100 SMA at $69.49. This move allowed the bulls to boost Litecoin upwards and reclaim the support at $70.
Further movement north brushed shoulders with $72 but sadly the bullish magic stopped here. Litecoin is trading at $71.61 at the time of writing following a 2% increase in value on the day.
The Elliot Wave Oscillator has a transitioned from a continues bullish session to the first bearish session on Monday. The correction towards $70 support is likely to continue as long as Litecoin fails to break $72.00 resistance. The Relative Strength Index (RSI) retreated from the overbought region and is now holding ground at 66.66. If the indicator continues with the current sideways trend, we are likely to see Litecoin dance between $70 support and $72 resistance level.
LTC/USD 1-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.