LTC/USD attempts to break free from a range

Fibo Quantum

  • Litecoin has been confined to a narrow range since the end of September.
  • Ыtrong resistance is created on approach to $65.50.

Litecoin has been moving in a narrow range, unable to realize the potential of a strong bull run on the cryptocurrency market, The 6th largest digital asset with the current market value of $3.7 billion has gained 1.2 on a day-on-day basis and lost 1% since the beginning of the day. At the time of writing, LTC/USD is changing hands at $58.41. Litecoin’s daily trading volume spiked to $2.7 billion. 

LTC/USD, the technical picture

Looking technically, LTC/USD is attempting to break from the recent range. The upper line of the channel is located above $58.00 and strengthened by the middle line of a Bollinger Band on a daily chart. If the coin stays above this barrier, the upside may be extended towards the next important hurdle at $60.00. Once it is out of the way, $63.30 will come into focus. This resistance is created by the long-tern sloping trendline from June 23 high at $66.50. The next resistance comes at $65.50 (SMA50 (Simple Moving Average) on a daily chart. 

On the downside, keep an eye at $56.70 (Wednesday’s low) followed by the lower boundary of the above-said channel at $52.80. A strong move below this barrier will increase the downside pressure with the next focus on $50.39 (September 26 low) and psychological $50.00.

LTC/USD, daily chart