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- LTC / USD is rangebound, in sync with the market.
- The currency has reached an important short-term support area.
Litecoin is flirting with $ 31.00 handle. The eighth largest currency with a current market value of $ 1.8 billion remains unchanged on a daily basis, although it is down almost 2% from the start of the day.
LTC / USD managed to recover 4% in the last 30 days; however, the bullish momentum faded as the cryptocurrency market entered a hibernation phase. Litecoin is moving in sync with Bitcoin and other major altcoins amid the lack of LTC-specific catalysts.
Technical framework of Litecoin
Technically speaking, Litecoin has approached the Fibo retracement level of 23.6% from its previous downtrend, which runs from 7 November to 2018 down to $ 22.25. Once this barrier is out of reach, the sell-off could continue with the next main bearish target set at $ 27.40. In the meantime, the final support arrives at the aforementioned minimum of 2018.
On the upside, once the downward correction ends, a new bullish wave could bring the price to $ 35.90 – $ 36.00. This resistance area is created by the Fibo retracement level of 38.2% and the downtrend line. A higher sustainable move will pave the way for $ 40.00 psychological and the last short-term bearish target at $ 43.80 (Fibo retracement of 61.8%).
LTC / USD, 4-hour chart
