- LTC/USD has retreated towards $93.00 after a short-lived spike above $100.00.
- A sustainable move above $100.00 is needed for an extended recovery.
Litecoin (LTC), the fifth-largest cryptocurrency with the market value of $5.8 billion has lost nearly 3% of its value on a day-on-day basis to trade at $93.00 at the time of writing. LTC/USD has been pretty volatile recently as the coin hit $106.86 high on August 5, before halving, and retreated to $90.98 on Tuesday, August 6.
Litecoin network went through the halving process; however, this event had only a limited effect on Litecoin’s price movements. The coin has been tracking the movements of Bitcoin and cryptocurrency market in general.
Litecoin’s technical picture
On the intraday charts, LTC/USD is initially supported by $91.50. This barrier is created by the lower line of the 1-hour Bollinger Band and closely followed by psychological $91.00 Stronger support awaits us at $90.00 and $89.30 (the lower border of 4-hour Bollinger Band and the lower line of 1-day Bollinger Band). Once it is out of the way, the sell-off is likely to gain traction with the next focus on $81.00 strengthened by SMA200 on a daily chart.
On the upside, we will need to see a sustainable move above $94.80-$95.00 resistance area, created by SMA200 and SMA100 1-hour. Once it is broken, $96.00 (SMA50 and the upper line of 1-hour Bollinger Band) will come into focus.