LTC/USD regains some ground, still below critical $80.00

Fibo Quantum

  • LTC/USD recovers above $74.00 amid strong bullish pressure
  • The initial resistance is created by $77.80 handle.

At the time of writing, LTC/USD is changing hands at $74.30. The coin recovered above $74.00 during early Asian hours amid strong bullish momentum on the cryptocurrency market. The fifth-largest digital asset with the current market value of $4.7 billion has gained 2% on a day-on-day basis and over 3% since the beginning of the day.

On the intraday charts, a sustainable move above psychological $75.70 ( the confluence of upper lines of 4-hour and 1-hour Bollinger Bands) is needed to improve the short-term picture and allow for a further recovery towards the next strong resistance of $77.80 created by SMA100 (Simple Moving Average) 4-hour. Once it is out of the way, the upside is likely to gain traction with the next focus on $80.00 and $85.30 (SMA200 4-hour).

On the downside, the initial correction is limited by the confluence of the middle line of 4-hour Bollinger Band and SMA100 1-hour at $73.50. It is closely followed by $73.20 (SMA50 and the middle line of 1-hour Bollinger Band). Once below, the downside momentum is likely to gain traction with the next focus on $70.00.

LTC/USD, 1-hour chart