Litecoin price analysis: LTC/USD recovery capped by $80.00
- Litecoin bulls stop short of $80.00 amid global cryptocurrency recovery.
- LTC/USD has gained 3.5% in recent 24 hours.
Litecoin has gained over 3.5% in recent 24 hours amid strong bullish momentum. The 6th largest digital asset recovered losses incurred in the weekend and returned to the levels registered seven days ago, At the time of writing,
LTC/USD is changing hands at $79.40, though the further upside may be limited as the price came close to a strong psychological barrier $80.00 strengthened by SMA50 (4-hour) and 50.0% Fibo retracement.
We will need to see a sustainable move above this handle to get a chance to an extended recovery with the next aim at $82.40 (SMA100, 4-hour) and 38.2% Fibo retracement ($84.35).
On the downside, LTC/USD is supported by $75.00 handle, strengthened by 61.8% Fibo retracement from the recent upside movement. Once this barrier is cleared, the sell-off may continue towards SMA200 (4-hour) at $74.50 and April, 2 low of $73.70. The next support is created by the psychological $70.00, followed by 69.00-68.80 (DMA50) and $63.17 (SMA50 weekly).
Author
Tanya Abrosimova
Independent Analyst
