LTC/USD retreats from the recent high, still in recovery mode

Fibo Quantum

  • LTC/USD has extended the recovery above $93.00 handle.
  • The initial support is created by psychological $90.00 level.

Litecoin (LTC) has regained ground above $90.00 handle and touched an intraday high at $96.77. At the time of writing, the fourth-largest digital asset with the current market capitalization of $5.9 billion is trading at $94.10, gaining over 7% on a day-on-day basis. 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 $93.30 (the middle lines of 4-hour and 1-hour Bollinger Bands). However, once this barrier is broken, the sell-off may continue towards $91.70 (SMA50 (Simple Moving Average)on the 1-hour chart). The next support is created by psychological $90.00, followed by $88,70 (the lower line of 1-hour Bollinger Band) 

Once it is out of the way, the downside is likely to gain traction with the next focus on the recent low of $86.54 and psychological $80.00. The ultimate support awaits us at $76.46 (the lowest level of July 16). 

On the upside, we will need to see a sustainable move above the intraday high at $96.77 for the upside to gain traction. The next resistance is created by the upper line of the 1-hour Bollinger Band at $97.59 and followed by SMA100 4-hour at $98.50. Once it is cleared, the recovery may be extended towards the ultimate resistance at $100.00.  
 

LTC/USD, 4-hour chart