Litecoin price analysis: LTC/USD has a hard time at $24.00

Litecoin is hovering around $24.00 handle.
The short-term RSI is reversing to the downside.

Litecoin, now the 9th largest coins with the current market value of $1.46B recovered above $24.00 from $22.96 ow reached on Tuesday. The coin is mostly unchanged since the beginning of the day amid rangebound trading typical to the digital assets market on Wednesday.

Litecoin's technical picture

On the intraday level, LTC/USD is trying to settle above pivotal $24.00; however, this resistance level is strengthened by a confluence of strong technical indicators, including the upper of the Bollinger Band (1-hour) and SMA50. The next resistance is created by SMA100 (1-hour) at $24.58. Once this level is cleared, the upside may be extended towards $26.00 and $26.64 (SMA200, 1-hour). Considering that the Relative Strength Index is reversing to the downside, sustainable growth is hardly possible at least in the short-term.

On the downside, LTC/USD is supported by the middle border of the Bollinger Band (1-hour) at $23.52. A strong move below that level will increase the selling pressure and take Litecoin's price to $23.00 strengthened by the lower line of the Bollinger Band. Once below, the recent low of $22.37 will come into focus.

LTC/USD, 1-hour

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.