- 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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.