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- Litecoin is hovering around $ 24.00 handle.
- The short-term RSI is reversing downwards.
Litecoin, now the ninth largest currency with the current market value of $ 1.46 billion recovered over $ 24.00 from $ 22.96 ow reached Tuesday. The currency is mostly unchanged from the start of the day, in a rangebound trading environment typical of the digital goods market on Wednesday.
Technical framework of Litecoin
At the intraday level, LTC / USD is attempting to settle above $ 24.00; however, this level of resistance is reinforced by the confluence of strong technical indicators, including the upper part of the Bollinger Band (1 hour) and SMA50. The next resistance is created by SMA100 (1 hour) at $ 24.58. Once this level has been eliminated, the upside can be extended to $ 26.00 and $ 26.64 (SMA200, 1 hour). Considering that the Relative Strength Index is reversing downwards, sustainable growth is almost impossible, at least in the short term.
On the downside, LTC / USD is supported by the Bollinger Band's average boundary (1 hour) to $ 23.52. A strong move below this level will increase the selling pressure and will bring the price of Litecoin to $ 23.00 strengthened by the bottom line of the Bollinger Band. Once below, the recent minimum of $ 22.37 will be focused.
LTC / USD, 1 hour
