Price analysis of Litecoin: LTC / USD is around $ 29.00, bulls discouraged from bankruptcy at $ 30.00

  • Litecoin failed to keep the land above $ 30.00.
  • A further upside seems unlikely from a short-term perspective

Litecoin is changing hands at $ 28.97 after a short-term peak at $ 30.80 on Monday. The currency has gained over 7% in the last 24 hours; however, it decreased by 1.2% from the start of Tuesday. The bullish momentum has vanished fairly quickly, questioning all the digital resources from recent highs, and Litecoin is no exception here. The digital currency now occupies 7th place with a market value of $ 1.7 billion.

Technical framework of Litecoin

At the intraday level, LTC / USD is around $ 29.00; The price is supported by SMA100, 4 hours, at $ 28.69. This area is likely to stop the immediate sale pressure; however, a lower sustainable movement will increase downward pressure and will focus on $ 26.00. This is another support area, created by a confluence of technical indicators, including the 4-hour Bollinger Band center line (currently at $ 26.00). Short-term buyers are likely to return to the market at these levels; otherwise, LTC will cancel all earnings on Monday and will return to $ 25.00 with SMA50 (4 hours) based on the approach.

On the upside, the last resistance is created by $ 30.00, followed by Monday's high at 430.35 and by the top line of the 4-hour Bollinger Band (currently at $ 30.70). Considering that the Relative Strength Index has reversed from an overbought territory, a strong recovery seems unlikely, at least at this stage.

LTC / USD, 4 hours

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