Market Overview

LTC/USD Hovers Below $75.00, Recovery Is Limited

Share:
LTC/USD Hovers Below $75.00, Recovery Is Limited
  • The 5th largest asset is one of the best-performing coins in recent 3 months.
  • LTC/USD needs to return above $75.00 to resume the recovery.

Litecoin (LTC) has recovered from the recent low of $66.00 (April 29) to trade at $74.25 by the time of writing. The fifth largest digital asset with the current market value of $4.5B has gained 1% in recent 24 hours moving in sync with the rest of the cryptocurrency market.

It is worth noting that despite rather uneventful April, LTC remains is one of the best-performing cryptocurrencies with over 120% of growth in recent three months.

On the intraday charts, the price slipped under $75.00, while the recovery is capped by SMA100 (4-hour) currently at $75.78. Once it is cleared, the upside momentum is likely to gain traction with the next barrier seen at $78.00 (SMA200 4-hour) and $79.80 (50% Fibo retracement). 

On the downside the critical barrier is created by a confluence of SMA50 (4-hour), and the sloping trendline from April 3 peak at $72.00. A sustainable move lower will bring us to psychological $70.00, where a fresh buying interest is likely to appear.

LTC/USD, 4-hour chart 

ltc_usd__74.340878_-_fxstreet_2019-05-02_12-46-18-636923877847514588.png

 

Related Articles

View Comments and Join the Discussion!

Posted-In: crypto market FXStreetCryptocurrency News Eurozone Forex Markets General