Litecoin Price Analysis: LTC/USD resumes the recovery, bulls target at $70.00

Litecoin has been growing steadily since the weekend.
The next strong bullish target is created by psychological barrier of $70.00.

Litecoin (LTC) has gained over 5% in the recent 24 hours to trade at $62.47 by press time. The 7th largest digital asset with the current market capitalization of $4.00 billion has been one of the best-performing coins out of top-10 on Monday as the upside momentum has been gaining traction since the weekend. The coin dipped to the psychological $60.00 during early Asian hours before the recovery resumed.

LTC/USD: The technical picture

Litecoin (LTC) bottomed at $57.76 on August 22 and has been growing strongly ever since. The coin has settled in the upper part of the daily Bollinger Band and its middle line at $59.70 now serves as local support. Once it is broken, the sell-off may be extended towards the recent low of $57.76; however, the critical technical barrier is created by the daily SMA50 on approach to $52.70.

On the upside, the local resistance is created by $64.00. The price stopped short of this barrier during the previous week's recovery attempt. The sell-off from this resistance resulted in a massive long squeeze and pushed the price to the above-mentioned low. Once it is broken, the recovery may be extended towards $68.79, which is the highest level since August 18. The next resistance is created by a psychological $70.00.

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.

Join Telegram