LTC/USD Capped By $46.00

• LTC/USD has recovered from recent lows, but the upside is limited.
• The short-term picture implies consolidation.

Litecoin is changing hands at $45.30, off the recent low touched at $42.96. The coin takes the fifth place in the global rating of Digital assets with total capitalization over $2.7B. Litecoin lost 8% of its value in recent seven days amid a bout of bearish correction following a sharp rise towards $54.00. 

On the intraday level, Litecoin’s recovery is capped by SMA100 (4-hour) at $45.80. Once this short-term barrier is cleared, the upside may gain traction with the next focus on $47.00 guarded by SMA100 (1-hour) and $48.00 (SMA50 4-hour and SMA200 1-hour). 

A sustainable recovery above the said area will increase the chance of retesting the recent high of $54.00.

On the downside, the support is created by $44.00-$43.90 congestion zone, followed by the recent low of $42.90. Considering that the Relative Strength Index (RSI) is flat in the neutral zone, the coin is likely to stay rangebound within the nearest sessions with the potential to resume the upside provided that the overall sentiments improve across the cryptocurrency market.

LTC/USD, 1H chart