Litecoin price analysis: LTC/USD climbed back above $57.00, no follow through as of yet

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

Litecoin, the 7th largest digital asset with a market value of $3.3B, regained ground above $57.00 handle after a short-lived dip to $56.60 during early Asian hours. The coin is mostly unchanged both day-on-day and since the beginning of Thursday. The coin’s average daily trading volumes are set at $308M, which is in line with the volumes of the previous days. Litecoin is rangebound amid declining volatility.

Litecoin’s technical picture

As it is clearly visible on a 4-hour chart, LTC/USD is capped by the local resistance is produced by $59.00 with SMA100 (4-hour), followed by September’s 26 high at $59.80. Once this area is cleared, the upside may be extended towards $60.00 and $63.58 (September 23 high).

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

LTC/USD, 4-hour chart

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