Litecoin Price Analysis: LTC/USD resumes the recovery, bulls target at $70.00
|- Litecoin has been growing steadily since the weekend.
- The next strong bullish target is created by psychological barrier of $70.00.
Litecoin (LTC) has gained over 5% in the recent 24 hours to trade at $62.47 by press time. The 7th largest digital asset with the current market capitalization of $4.00 billion has been one of the best-performing coins out of top-10 on Monday as the upside momentum has been gaining traction since the weekend. The coin dipped to the psychological $60.00 during early Asian hours before the recovery resumed.
LTC/USD: The technical picture
Litecoin (LTC) bottomed at $57.76 on August 22 and has been growing strongly ever since. The coin has settled in the upper part of the daily Bollinger Band and its middle line at $59.70 now serves as local support. Once it is broken, the sell-off may be extended towards the recent low of $57.76; however, the critical technical barrier is created by the daily SMA50 on approach to $52.70.
On the upside, the local resistance is created by $64.00. The price stopped short of this barrier during the previous week's recovery attempt. The sell-off from this resistance resulted in a massive long squeeze and pushed the price to the above-mentioned low. Once it is broken, the recovery may be extended towards $68.79, which is the highest level since August 18. The next resistance is created by a psychological $70.00.
LTC/USD daily 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.