Litecoin (LTC) price analysis: LTC/USD stays above $75.00 as upside momentum fades away

The 5th largest asset is rangebound on Thursday
Litecoin core wallet is updated.

Litecoin (LTC) is changing hands at $75.24, off the intraday high of $76.27. The fifth largest digital asset with the current market value of $4.6 billion has gained over 1.5% in recent 24 hours moving in sync with the rest of the market.

LTC/USD has been rangebound this week as the recovery from May 6 lows is limited by psychological $80.00 with 50% Fibo retracement located on approach. Once the barrier is taken out, the upside momentum is likely to gain traction with the next focus on $83.26 (May 4 high) and $84.34 (38.2% Fibo retracement).

On the downside, the initial support lies with $74.25 handle, strengthened by SMA100 (4-hour). It is followed by May 6 low at $72.28 and psychological $70.00

Litecoin Core update

The developers of the fifth largest digital asset released an update for the cryptocurrency wallet Litecoin Core v0.17.1. The release includes minor interface changes, extended privacy functionality and reduced transaction fees (0,0001 LTC). Thus, at the current exchange rate, users will pay on average $0.15 to have their transactions written in a block. However, in the periods of low demand the fee may be less than $0.01. The developers believe that new functionality will appeal to those who wants to launch their own Lightning Network.

LTC/USD, 4-hour chart

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.