Tanya Abrosimova
Independent Analyst
- Litecoin retreated below $44.00 after a strong reovery in Asia.
- The critial resistance of $45.00 separats the coin from an extended upside move.
Litecoin (LTC) is moving within a short-term downside bias after a failed attempt to settle above $44.00. The coin is trading at $43.95, mostly unchanged both since the start of the day and on a day-to-day basis, off the recent high reached at $44.65. Litecoin is the seventh largest digital asset with the current market value of $2.8 billion and an average daily trading volume of $1.5 billion.
LTC/USD: Technical picture
On the intraday charts, LTC/USD has settled in the lower part of the Bollinger Band amid growing bearish pressure. The RSI on 1-hour chart points downwards, which means that the correction may be extended towards the local support created by 1-hour SMA50 at $43.70. This area served as a strong channel resistance zone and now has a potential to stop the sell-off. If it is broken, LTC/USD will return inside the previous range with the next short-term support at $43.00. On the upside, we will need to see a sustainable move above $44.00. The next resistance is created by the recent high of $44.65. Once it is out of the way, the recovery may be extended towards $45.00.
LTC/USD 1-hour chart
-637285058945863838.png)
On the daily chart, LTC/USD is supported by SMA100 located on approach to the above-mentioned support of $43.00. This technical barrier has limited the sell-off since June 11, as numerous attempts to break below this level were heavily bought. The next support lines come at $41.50 and psychological $40.00. The later barrier is reinforced by May 11 low at $39.50.
The daily SMA50 and the middle line of the Bollinger Band add strength to the above-mentioned resistance of $44.65. A sustainable move above this area will open up the way to $50.00 with daily SMA200 located on approach. This MA stopped the recovery earlier this month and may be a hard nut to crack for the bulls.
LTC/USD daily chart
-637285059241682939.png)
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.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.