LTC/USD may be poised for short-term recovery

Fibo Quantum

  • LTC/USD is locked in a tight range amid market uncertainty.
  • The intraday RSIs imply that the coin may regain some ground.

Litecoin (LTC) recovered from the recent low of $29.17 and settled in a range limited by $36.00 on the upside and $32.00 on the downside. The  6th largest digital asset with the current market value of $2.1 billion has lost nearly 5% in recent 24 hours to trade at $33.7 at the time of writing. Litecoin’s average daily trading volume is registered at $3.1 billion, mostly in line with the recent figures.

LTC/USD: Technical picture

Litecoin has been moving in line with the rest of the market, which is gripped by Fear, Uncertainty and Doubt (FUD). Despite that the things have settled down after a volatile start of the week, traders and investors are still on the alert, waiting for a new collapse. For LTC. the initial support is created by the above-mentioned $32.50, which is followed by the lower line of 4-hour Bollinger Band at $31.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $30.00.

On the upside, a sustainable move above $36.00 will take the price to the next barrier at $37.20, created by the upper line of 4-hour Bollinger Band. THis resistance is followed by SMA50 4-hour at $38.30 and psychological $40.00. Considering the upward-looking RSI on intraday charts, the short-term recovery scenario looks likely; however, a longer0term growth will depend on the sentiments on the broader market.

LTC/USD 4-hour chart