Litecoin Price Analysis: LTC/USD corrects from $56.00, retains bullish bias

LTC/USD hit the highest level since the middle of March.
The coin is positioned to resume growth after a technical correction.

Litecoin (LTC) is one of the best-performing digital assets out of top-10. In the recent 24 hours, the coin has gained over 9% and hit the area above $56.00 on Monday. At the time of writing, LTC/USD is changing hands at $53.43, moving within a short-term bullish trend amid low volatility. Currently, the coin's total market value is registered at at $3.36 billion, while its average daily trading volume is $3.31 billion.

LTC/USD: Technical picture

Litecoin's strong recovery is driven mostly by technical factors and general market sentiments. A sustainable move above 200-day SMA at $49.67 created a strong bullish impulse and pushed the price to the highest level since Markc 13. Once the price regains ground above $56.00, the upside momentum will gain traction with the next focus on 100-week SMA on approach to $60.00.

On the downside, the local support is created by 50-week SMA at $52.00. If it is broken, the sell-off may be extended to psychological $50.00 and the above-mentioned 200-day SMA at $49.67.

LTC/USD daily 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.