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Litecoin Price Analysis: LTC/USD Recovers From Lows, Bulls Aim At $70.00

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Litecoin Price Analysis: LTC/USD Recovers From Lows, Bulls Aim At $70.00
  • LTC/USD bulls have to clear the resistance created on approach to $68.00 
  • The vital support is created by $64.00 handle.

At the time of writing, LTC/USD is changing hands at $67.17, having gained 2.5% in recent 24 hours. The coin bottomed at $62.37 on August 31 nad has been growing slowly ever since.  The coin has settled above $65.00, which improved the short-term technical picture. Litecoin is moving in sync with the market.

Litecoin’s technical picture
The initial support is created by psychological $66.00 that coincides with SMA50 (Simple Moving Average) 1-hour. It is followed by the middle line of 4-hour Bollinger Band at $65.50 anf SMA100 1-hour on approach to $ 65.00. Once this support area is cleared the sell-off is likely to gain traction with the next focus on $63.00 strengthened by the lower line of 4-hour Bollinger Band ($62.90). Then the recent low of $62.37 will come into view.
On the upside, we will need to see a sustainable move above the recent high of $67.98 to get a chance to proceed to $70.00 and $70.70 (SMA100 4-hour). 

$65.00 (SMA100 1-hour) to allow for an extended recovery towards $65.70 (the upper line of 1-hour Bollinger Band). The next resistance awaits us on approach to $68.80 (SMA50 4-hour) and $70.00.

LTC/USD, 4-hour chart

Image Sourced from Pixabay

Posted-In: Bitcoin crypto marketCryptocurrency News Eurozone Forex Markets General

 

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