- LTC/USD has recovered from the recently ow, but the upside is limited by strong resistance.
- A sustainable move above $92.00 is needed to stimulate further recovery towards a critical $100.00.
Litecoin bottomed out at $84.85 on Monday amid global recovery on the cryptocurrency market. The coin moved as high as $92.00 but failed to hold the ground and retreated to $89.00 by the time of writing. The fourth largest digital asset with the current market capitalization of $5.6 billion stays unchanged on a day-on-day basis and down 2% since the beginning of Tuesday.
Litecoin’s technical picture
Litecoin bulls managed to engineer the recovery from the recent low; however, the upside momentum is effectively capped by SMA50 (Simple Moving Average) on the 1-hour chart, currently at $91.35. Once it is cleared, the upside is likely to gain traction with the next focus on the recent recovery high at $92.00. The next upside barrier awaits us at $97,00 with SMA100 located marginally above this handle.
Meanwhile, the ultimate goal of Litecoin bulls is psychological $100, strengthened by 23.6% Fibo retracement for the latest downside move.
On the downside, LTC/USD bears will focus on $86.00 and try to push the price towards the recent low of 84.85. A sustainable move below this handle will open up the way towards psychological $80.00 and $74.30 – Simple Moving Average (SMA200) on a 1-day chart.