LTC/USD recovery steam stalls under $100

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  • The Litecoin Foundation struck a partnership deal with the Miami Dolphins.
  • The ascending trendline is key to price rebounds towards $100.

Litecoin gained incredibly yesterday following the drop to recent support at $77.50. After the 15% correction in a single day, LTC/USD hit a high around $94.86 before the trend gave way for a retracement touching $87.18 during the Asian trading hours on Thursday.

The impressive move saw LTC/USD rise above its peers amid heightened bear pressure across the market. The week has been a rollercoaster ride for Litecoin to say the least. The up and down movements come after the Litecoin Foundation struck a partnership deal with the Miami Dolphins in which the football club will receive payments in LTC for the 50/50 raffle. In spite of the positive news, Litecoin was caught up in the market declines mainly driven by Bitcoin.

Litecoin price technical picture

The short-term timeframe shows Litecoin having a bullish inclination even though the upside is capped at $95.00. Besides, the price is trading above the moving averages as an indicator for a growing momentum. Other technical indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are trending sideways signaling impeding sideways trading.

Also read: Ripple market update: XRP/USD rebound stalls at $0.3200

Immediate support comes from the 50 Simple Moving Average (SMA) currently at $91.12. The ascending trendline is key to price rebounds towards $100 while $90.00 and $77.50 are key support areas to look out for.

LTC/USD 15-mins chart