Litecoin price analysis: LTC/USD settled below $64.00 amid slow Saturday trading

LTC/USD needs to recover above $64.00 to mitigate immediate pressure.
The vital support is created by $63.00 handle.
At the time of writing, LTC/USD is changing hands at $63.60. The coin bottomed at $62.16 on August 29 and has been recovering since that time. However, the failure to settle above $65.00 worsened the short-term technical picture and pushed the price back below $64.00 handle. upside momentum is capped by sliding down after a strong collapse below critical $70.00 on August 28.

LTC/USD has gained nearly 1% of its value in recent 24 hours and returned to the fifth position in the global cryptocurrency rating. Litecoin’s market value is registered at $4 billion and an average daily trading volume is $4 billion.

Litecoin’s technical picture
The initial support is created by the lower line of the 1-hour Bollinger Band at $63.34. It is closely followed by psychological $63.00. This area may slow down the short-term bears; however, once it is out of the way, the downside momentum is likely to gain traction with the next focus at the recent low $62.16 followed by $60.00 (the lower line of 4-hour Bollinger Band is located on the approach to this handle).

On the upside, we will need to see a sustainable move above $64.00 (SMA50 (Simple Moving Average) 1-hour) to mitigate the initial bearish pressure and allow for an extended recovery. The next resistance awaits us on approach to $65.00 (the upper line of 1-hour Bollinger Band and the middle line of 4-hour Bollinger Band).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.