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- Litecoin is moving in sync with the wider market.
- LTC / USD must grow over $ 25.00 for a larger rise towards $ 30.00.
Litecoin, now the ninth largest currency with the current market value of $ 1.46 billion is changing hands at $ 24.27, down 2.5% since Monday. LTC / USD attempted a recovery at $ 25.10 on Monday, but the bullish momentum proved unsustainable. The currency is moving in sync with global cryptocurrencies with a downward trend.
Technical framework of Litecoin
At the intraday level, LTC / USD is limited by the central line of the Bollinger Band (1 hour) to $ 24.40. This local resistance is followed by a cluster of SMA levels (1 hour) at $ 25.00. Once eliminated, the upside can be extended to $ 27.00 (Sunday high). Considering the Flat Relative Strength Index (RSI) and the momentum indicator, it is difficult to bet on a strong recovery at least in the short term.
Litecoin is likely to follow the lead of Bitcoin and other major cryptocurrencies, which means that a sustainable upward movement is only possible in the event of a broad market recovery.
On the downside, LTC / USD is supported by the lower boundary of the Bollinger Band (1 hour) to $ 24.00. A strong move below this level will increase downward pressure and will bring LTC to the recent low of $ 22.37.
LTC / USD, 1 hour
