- The eighth largest coin has recently been sitting in a narrow range.
- LTC / USD can retest 2018 down if $ 31.00 is broken.
Litecoin, now the 8th largest digital asset with a market value of $ 1.8, is changing hands to $ 31.00. The currency has just moved in recent days, glued to the critical support level.
Since there are no specific LTC catalysts that could have influenced price dynamics, the currency is moving in sync with other digital resources, being vulnerable to speculative sentiments and technical factors.
Technical framework of Litecoin
From a long-term perspective, LTC / USD exchanges at critical support level, created by a confluence of strong technical indicators, including DMA50 (currently at $ 30.74) and Fibo retracement level of 23.6% for downward movement from November 6th high to $ 56.17. This area has been monitoring Litecon bears since the end of December. If broken, the sell-off can be extended to $ 27.80 (27 December low) and the 2018 low to $ 23.90.
On the upside, recovery is limited by DMA20 ($ 33.30). If the bulls are able to overcome this barrier, the bullish momentum is likely to increase traction and bring the coin to the next obstacle created by $ 35.50 (38.2% Fibo retracement level of the move described above). The next target lies with DMA100 at $ 38.20, which is followed by $ 40.00 psychological.
LTC / USD, 1 day chart