Litecoin price analysis: LTC/USD rangebound with bullish bias

LTC/USD tries to develop an upside momentum within a range.
The key resistance comes at $100.00.

Litecoin, now the 6th largest cryptocurrency with the current market capitalization of $5.6 billion, has been sitting in a tight range limited by $90.00 on the downside and $93.00 on the upside. LTC is mostly unchanged both since this time on Monday and since the beginning of the day. An average daily trading volume is registered at $3.3 billion, with over 50% of the total trading volume coming from cryptocurrency exchange platform P2PB2B. LTC is most actively traded against Bitcoin and USDT.

Litecoin's technical picture

The local support for the coin is created by the above mentioned psychological handle $90.00, strengthened by 23/6% Fibo retracement. Once it is cleared, the sell-off is likely to gain traction with the next focus on $85.00 (SMA100 4-hour) closely followed by $84.30 (38.2% Fibo retracement). This area is likely to trigger the recovery process as it has stopped the sell-off twice in May.

On the upside, we need to see a sustainable move above $93.00 for the recovery to gain traction. The next resistance awaits the coin at $97.00 ( this barrier is strengthened by May 19 high), while a critical hurdle is seen at $100.00.

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.