Litecoin (LTC) Price Analysis: LTC/USD bears stop short of SMA50 1-hour
- LTC/USD has retreated from the intraday during European hours.
- The initial support is located on the approach to SMA50 1-hour.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $3.0 billion, has retreated from Wednesday's high of $48.80 to trade marginally above $47.00 handle. The coin had gained 4.5% on a day-to-day basis and lost 1.2% since the beginning of Thursday. While the coin managed to recover from the intraday low of $47.00, the upside momentum has yet to gain traction.
Litecoin's technical picture
From the intraday perspective, the nearest support awaits LTC on approach to $47.00. It is created by the intraday low and SMA50 (Simple Moving Average) 1-hour. If the bears manage to push the price below this level, the downside momentum may gain traction; however, we will still need to clear $46.36 (iSMA100 1-hour) and $44. 70 (Wednesday's low) on the way down. The next barrier comes at $42.35 ( November 25 low) and $41.70 (the lower line of 1-day Bollinger Band)
On the upside, a sustainable move above $48.50 is needed to improve the short-term technical picture. This resistance is created by a confluence of SMA200 1-hour and the upper line of 1-hour Bollinger Band. This movement will take the price outside the resent range and bring the psychological $50.00 into focus.
LTC/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
