LTC/USD depressed below $70.00 handle

Fibo Quantum

  • LTC/USD needs to recover above $70.00 to resume the recovery.
  • The strong short-term support is created on approach to $68.50.

Litecoin has resumed the decline and reached an intraday low at $68.41. The fifth-largest digital asset with the current market value of $4.3 has been losing ground both on a day-on-day basis and since the beginning of the day. At the time of writing, LTC/USD is changing hands at $68.92, down 2.5% in recent 24 hours.

Litecoin’s technical picture

A sustainable move below $70.00 has darkened the technical picture. The next critical support is created by the lower line of one-hour Bollinger Band and SMA200 (Simple Moving Average) and the middle line of one-day Bollinger Band on approach to $68.50. If it is cleared the sell-off may be extended towards psychological $68.00 closely followed by SMA100 four-hour. The next support awaits LTC on approach to $64.66 (the lowest level since September 7).

On the upside, we will need to see a recovery above $70.00 to improve the technical picture and get Litecoin back on the recovery track. However, this area is strengthened by SMA100 and SMA50 on the one-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on $72.00 (the upper line of four-hour Bollinger Band) and $72.70 (SMA200 four-hour).

LTC/USD, one-hour chart