Litecoin is the best-performing coin out of top-10 on Monday.
The further recovery may be capped by $62.40.
At the time of writing, LTC/USD is changing hands at $60.50, having gained nearly 3.5% since the beginning of the day and over 4% on a day-to-day basis. Litecoin now takes the 6th place in the global cryptocurrency rating with the current market value of $3.8 billion. An average trading volume is registered at $3.4 billion, in line with the recent figures.
Litecoin’s technical picture
Looking technically, LTC/USD jumped above SMA50 (Simple Moving Average) on the daily chart at $58.90 and cleared psychological $60.00, which bodes well for LTC bulls. If the coin manages to settle above this area, the long-term picture will improve significantly. The next resistance is created by the upper line of the daily Bollinger Band at $62.40. Once it is broken, the recovery is likely to gain traction with the next focus on the recent top of $64.10, followed by a psychological $65.00.
On the downside, the initial support created by $60.00 and the above-mentioned SMA50 daily. It is followed by $57.80 – an upper boundary of the broken consolidation range that limited LTC movements for the best part of October. A sustainable move below this handle will open up the way towards $52.80 back in focus.