Litecoin Gets Back To The Lower Border Of The Channel

  • LTC/USD has been range-bound after an initial recovery attempt from the recent low.
  • At the time of writing, the coin is moving within the short-term upside channel.

Litecoin is changing hands at $56.35. The coin is range-bound on Thursday amid market indecision. Cryptocurrency traders try to come to grips with the recent sell-off and figure out what to do next. LTC shifted to sixth place in the global cryptocurrency rating. The market capitalization of the coin settled at $3.6 billion. 

Litecoin’s technical picture

Looking technically, LTC/USD needs to recover at least above $60.00 to mitigate the initial bearish pressure and allow for an extended recovery towards $62.00 strengthened by the middle line of four-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction towards even stronger hurdle created by a confluence of technical indicators clustered around psychological $70.00. The above-said indicators include SMA200 (Simple Moving Average) one-hour, SMA50 and SMA200 one four-hour chart.

On the downside, the local support is located at $56.00 (the lower line of one-hour Bollinger Band) A sustainable move lower will attract new sellers and push the price towards September 25 low at $53.06. This barrier is likely to slow down the bears and initiate a rebound.

LTC/USD, one-hour chart

Image Sourced from Pixabay

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