Tanya Abrosimova
Independent Analyst
- LTC/USD has recovered from the sharp sell-off during early Asian hours.
- The bullish recovery may be limited by intraday SMA50.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.7 billion, has recovered from the intraday low to trade at $43.66 by the time of writing. LTC/USD touched $42.35 during early Asian hours, but managed to regain some ground amid technical correction from an oversold territory
Litecoin's technical picture
From the intraday, perspective a strong resistance is now created by an SMA50 (Simple Moving Average) on a 1-hour chart at $46.40. It coincides with the lower boundary of the weekend range. Once it is broken, the recovery may be extended towards $48.00, reinforced by SMA100 1-hour. The next resistance comes at psychological $50.00 followed by SMA200 1-hour at $ 52.40.
On the downside, a sustainable move below the intraday level of $42.35 will open up the way to $40.00. The last time LTC/USD traded below $40.00 in February 2019. This barrier is likely to slow down the bears and serve as a jumping-off ground for the recovery. The next support awaits us on approach to $37.00 (the lower line of the weekly Bollinger Band).
LTC/USD, 1-hour chart
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