LTC/USD upside capped by the 100 SMA

  • Litecoin bulls continue hammering on the short-term 100 SMA resistance with a desire to rise above $60 (key hurdle).
  • The consolidation above the support formed at $50 – $60 has been key to the ongoing bullish action.

Litecoin is trading in the green just like the other major cryptocurrencies on the market. The bullish wave that commenced on Monday has been gracious enough to thrust LTC/USD above the descending trendline resistance. A subtle bullish correction of 0.60% on Tuesday (Asian trading session) shows the bulls’ desire to stir action above $60.

Meanwhile, the upside is strongly limited with the 100 simple moving average on the one-hour chart hindering growth at $58.70. This means that the buyers will have to work a little harder to pull LTC above $60 (untested resistance level). In the $60s range, the price will come face to face with resistance from the 50 SMA (marginally below $65).

The technical picture clearly shows that the trend has a bullish bias. The relative strength index (RSI) is correcting higher toward the overbought (levels above 70). At the same time, the widening gap between the 50 SMA and the 100 SMA signifies the traction bulls are getting against the bears. Correction above $60 could boost LTC towards the supply zone between $70 and $72.

LTC/USD one-hour chart

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