- LTC/USD needs to recover above $65.00 to develop upside momentum.
- The vital support is created by $62.00 handle.
At the time of writing, LTC/USD is changing hands at $64.51. The coin bottomed at $62.37 on Saturday and managed to settle above $64.00 handle. This development has improved the short-technocal picture; however, Litecoin continues moving within a consolidation pattern. We will need to see a sustainable move above $65.00 or the upside to gain traction.
LTC/USD has gained over 1% of its value in recent 24 hours and stayed unchanged since the beginning of the day. Litecoin’s market value is registered at $4 billion and an average daily trading volume is $2.2 billion.
Litecoin’s technical picture
The initial support is created by SMA50 (Simple Moving Average) 1-hour at $64.30. It is followed by psychological 64.00 and the lower line of 1-hour Bollinger Band currently at $63.50. 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) and the recent low of $62.37.
On the upside, we will need to see a sustainable move above $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