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- The broader market sentiments dictate Litecoin's movements.
- LTC / USD must recover over $ 30.00 for a larger rise.
Litecoin is ranked 9th with the current market value of $ 1.5 billion and the average daily trading volume of $ 460 million. LTC / USD is changing hands at $ 24.92, after trading at $ 22.37 on Friday. The currency is mostly unchanged on a daily basis, moving in sync with global cryptocurrencies.
Technical framework of Litecoin
At the intraday level, LTC / USD is supported by the lower boundary of the Bollinger Band (1 hour) at $ 24.67. A sustainable movement below this level is likely to increase short-term downward pressure and will bring LTC to its recent low of $ 22.37. On the upside, a recovery above $ 25.00 will improve the short-term technical picture; however, the resistance created by SMA100 (1 hour) and the Bollinger band's center line at $ 25.70 will likely limit the upward movement for the time being.
LTC / USD, 1 hour
From a long-term point of view, the first significant resistance reaches $ 30.00 (half-way through the daily Bollinger band). A higher move will open the way to the $ 36.00 congestion zone which limited recovery at the end of November and at the beginning of December. It is strengthened by the upper edge of the daily Bollinger Band and separates the coin from the psychological $ 40.00.
LTC / USD, the daily chart
