Tanya Abrosimova
Independent Analyst
- Litecoin is hovering above $90.00, the recovery is limited.
- Critical support lies with $80.00.
Litecoin, currently the 6th largest coin with the current market value of $5.6 billion is changing hands at $90.20, off the Sunday's high $97.17. LTC has lost 2.6% since this time on Sunday and over 4% from the beginning of the day moving in sync with the cryptocurrency market.
Litecoin's technical picture
On the intraday charts, the coin needs to clear the local resistance created by SMA100 1-hour and SMA50 4-hour at $91.30. A sustainable move above this handle will open up the way towards the next bullish aim of $95.00 (intraday high). Once it is cleared, the upside is likely to gain traction towards $97.00 with the above-mentioned Sunday's high marginally above this barrier.
On the downside, the initial support is created by psychological $90.00, strengthened by 23.6% Fibo retracement. It is followed by $84.30 with a strong confluence of technical indicators, including SMA100 4-hour and 38.3% Fibo retracement. Once below, the increased sell-off pressure will take the price towards critical $80.00 where new buyers are likely to appear.
LTC/USD, 4-hour chart
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