- LTC / USD managed to stay above $ 60.00, but further momentum is weak.
- The positive fundamental news did not manage to push the currency much higher.
Litecoin, the seventh largest digital asset with a market value of $ 3.5 billion, regained the ground above the 60.00 limit after a short-term peak at $ 61.46 during the early Asian hours. The currency is mostly unchanged both from day to day and from the beginning of Thursday. The average daily trading volumes of the currency are set at $ 450 million. Litecoin has a limited range against a decreasing volatility, unchanged on a daily basis.
What is going on
Litecoin has recently recorded a steady stream of positive news, including Gemini's decision to introduce LTC support from October 31 and the introduction of coins to the CoinText service, which allows users to send virtual money to a number of cell phone. This news has allowed LTC to earn almost 6% in the last seven days. However, it is still down 7% from the previous month.
Technical framework of Litecoin
Because it is clearly visible on a 4-hour chart, LTC / USD is supported by SMA50 (4 hours) at $ 59.91. The price has remained above this technical indicator since September 27th. Litecoin is moving into the short-term uptrend channel with the border below $ 59.00 creating a difficult obstacle for Litecoin sellers. Here is where it is likely that there will be a new buying interest and push the price inside the channel.
On the upside, LTC / USD is capped from the Asian high to $ 61.46, however, once this level has been eliminated, the recovery could be extended to the next psychological barrier at $ 62.00 and at the high of September 30th at $ 63.00 .
LTC / USD, 4-hour chart
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