LTC/USD gives back earlier gains, down 3.5%

Fibo Quantum

  • LTC/USD has lost some ground, managed to stay above $91.00 handle.
  • The initial resistance is created by $92.70 level.

Litecoin (LTC) has stayed above $91.00 handle despite a setback on the cryptocurrency market during early Asian hours. The fourth-largest digital asset with the current market capitalization of $5.7 billion is trading at $91.36, losing about 3.6% on a day-on-day basis and 2% since the beginning of Friday. LTC/USD is moving in lockstep with the recovery on the cryptocurrency market.

Litecoin’s technical picture

On the intraday charts, LTC/USD is initially supported by psychological $91.00, which also coincides the intraday low. Once this barrier is broken, the sell-off may continue towards $90.00 and $88.00 strengthened by the lower line of 4-hour Bollinger Band. The next support is created by $84.65 (50.0% Fibo retracement for the large upside move from $22.88 low), followed by $77,50 (the lower line of 1-day Bollinger Band and SMA200 (Simple Moving Average) on a daily chart). 

On the upside, we will need to see a sustainable move above the middle line of 4-hour Bollinger Band at $92.70 for the upside to gain traction. The next resistance comes $95.60 (SMA50 4-hour); it is followed by $97.50 (a combination of the upper line of 4-hour Bollinger Band and SMA100 4-hour). Once it is cleared, the recovery may be extended towards the ultimate resistance at $100.00.  
 

LTC/USD, 4-hour chart