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Litecoin price analysis: LTC/USD moves within a short-term upside channel

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Litecoin price analysis: LTC/USD moves within a short-term upside channel

  • LTC/USD has retreated from the recent high, still above $72.00.
  • The strong short-term support is created on approach to $70.50.

Litecoin has retraced from Monday’s high of $73.86 to trade at $72.50 by the time of writing. The fifth-largest coin with the current market value of $4.58 billion has been range-bound with a bullish bias on Tuesday. LTC/USD has gained 1.2% in recent 24 hours and stayed unchanged since the beginning of the day.

Litecoin’s technical picture

Litecoin is moving inside a short-term upside channel with the upper border currently at $76.27. This area serves as a short-term bull’s target. Once it is reached, LTC/USD may start the correction.

On the downside, a confluence of strong technical indicators clustered in $70.50-$70.00 area is likely to slow down the decline and attract new short-term buyers to the market. These indicators include SMA50 (Simple Moving Average) four-hour, SMA200 four-hour and the middle line of one-hour Bollinger Band. We will need to see a sustainable move below this handle for the downside to gain traction with the next aim at $69.00 (the lower boundary of the above-mentioned channel) and $68.40 (SMA100 four-hour followed by the lower line of four-hour Bollinger Band). The next support awaits LTC on approach to $64.66 (the lowest level since September 7).

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