Price analysis of Litecoin: LTC / USD has risen above $ 57.00, with no follow-up

  • LTC / USD managed to recover, but $ 60.00 is still out of the way.
  • Critical support is $ 55.00.

Litecoin, the seventh digital asset with a market value of $ 3.3 billion, regained ground above $ 57.00, after a short-term decline to $ 56.60 during the early Asian hours. The currency is mostly unchanged both from day to day and from the beginning of Thursday. The average daily volumes of coin trading are set at $ 308 million, in line with the volumes of the previous days. Litecoin has a limited range due to the declining volatility.

Technical framework of Litecoin

Because it is clearly visible on a 4-hour chart, LTC / USD is limited by the local resistance produced by $ 59.00 with SMA100 (4 hours), followed by September 26th to $ 59.80. Once this area has been cleared, the upside could be extended to $ 60.00 and $ 63.58 (September 23rd high).

On the downside, LTC / USD is supported by the lower boundary of the short-term uptrend channel (currently at 55.80). Once below, prices will move towards $ 55.00 psychological and the next downtrend target to $ 51.66 (19 September minimum).

LTC / USD, 4-hour chart

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