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Litecoin price analysis: LTC / USD recovery capped by broken trendline

  • LTC / USD is on recovery mode, but the upside is limited.
  • Litecoin bulls need to take the price above $ 60.00 to improve technical picture.

Litecoin, the 7th largest digital asset with a market value of $ 3.4B, is changing hands at $ 58.65, off Wednesday's low of $ 56.26. The coin is up 1.8% day-on-day and 2.2% higher since the beginning of Thursday. Set coin at $ 470M. Litecoin is recovering in lockstep with other altcoins amid speculative positioning and technical factors.

The news that online cryptocurrency exchange service CEX.IO reintroduced previously revoked Litecoin support provided a short-lived boost to LTC prices, the momentum is fading away.

Litecoin's technical picture

As it is visible on a 4-hour chart, LTC / USD's recovery is capped by the upside trendline at $ 59.60. The line was broken on Wednesday and the coin failed to regain ground so far. Broken resistance is followed by psychological $ 60.00 and $ 61.46 (October 2 high). If the bullish momentum will be sustained during the day, Litecoin will break the sequence of six bearish days.

$ 56.52 (Wednesday's low) will lead to extended losses to $ 54.34 (September 25 low) and, possibly, $ 50.52 (September 18 low).

LTC / USD, 4-hour chart

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