Litecoin price analysis: LTC / USD committed over $ 55.00 as prices passed the short-term fall

  • LTC / USD continues recovery from recent lows, ready for a "short-term turnaround"
  • The picture is positive as long as the currency remains above $ 55.00.

Litecoin, the seventh-largest digital asset with a $ 3.2 billion market value, is changing hands at $ 55.15, earning 4.5% on a daily basis. The average daily trading volumes of the currency are set at $ 300 million, which is in line with the long-term average. The market players have welcomed the news that BitGo, the cryptocurrency security company, has received regulatory approval for the creation of crypto housing for major currencies, including Litecoin.

Litecoin Technical Framework

Technically looking, a sustainable break above $ 54.40 resistance, created by an inclined trend line from September 7 peak recovery, has improved the short-term picture and created a technical impetus needed for a breakthrough above $ 55.00. Now the focus has shifted to $ 55.56, which is Fibo's retracement level of 38.2% for the downtrend from the September high to $ 69.30. LTC / USD hit $ 55.71 during the early Asian hours but failed to keep the ground.

On the downside, the first support is produced by $ 55.00. A lower sustainable movement will trigger more sales and push the price towards $ 54.10 (SMA200, 4-hour chart and the aforementioned trend line). SMA100 at $ 52.31 is followed by SMA50 and Fibo retracement of 23.6% to $ 52.30.

LTC / USD, 4-hour chart

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