Litecoin price analysis: LTC/USD recovery capped by $70.00

LTC/USD needs to regain ground above $68.00 to proceed with the recovery.
The vital support is created on approach to $67.00 handle.

At the time of writing, LTC/USD is changing hands at $67.84, having gained 1.3% in recent 24 hours. The coin bottomed at $62.37 during the previous week; however, the upside momentum and umproved sentiments on the cryptocurrency market helped trigger the recovery.  Litecoin’s market value is registered at $4.2 billion. This is the fifth-largest coin according to CoinMarketCap.

Litecoin’s technical picture

The initial support is created by a combination of SMA200 (Simple Moving Average) 1-hour at $67.00, the middle line of 4-hour Bollinger Band and SMA50 4-hour. This barrier is followed by SMA100 1-hour at $66.00. If the price passes this support area, the sell-off is likely to gain traction with the next focus on $63.88 strengthened by the lower line of 4-hour Bollinger Band. Then the recent low of $62.37 is likely to slow down the decline.

On the upside, we will need to see a sustainable move above the recent high of $68.88 (the middle line of 1-hour Bollinger Band) to get a chance to proceed to $70.00 with the upper line of 4-hour Bollinger Band located on approach. The next resistance awaits us at $70.60 (SMA100 4-hour).

LTC/USD, 4-hour chart