- LTC/USD needs to recover above $72.00 to get back on the recovery track.
- The strong short-term support is created on approach to $70.50.
Litecoin is range-bound with a bearish bias on Wednesday. The fifth-largest digital asset with the current market value of $4.5 has stayed unchanged both in recent 24 hours and since the beginning of the day. At the time of writing, LTC/USD is changing hands at $71.11, off the intraday low registered at $69.97.
Litecoin’s technical picture
The initial support awaits LTC at $70.40. It is created by the middle line of 1-hour Bollinger Band and closely followed by psychological barrier $70.00. A sustainable move below this handle will increase the downside pressure towards the strong support area of $68.50 created by a confluence of SMA100 (Simple Moving Average) one-hour and the lower line of one-hour Bollinger Band. The next support awaits at 68.00 (SMA50 four-hour)
On the upside, we will need to see a recovery above $72.00 to get Litecoin back on the recovery track. However, this area is strengthened by the upper line of four-hour Bollinger Band and followed by Tuesday’s high of $73.23 with SMA100 four-hour located on approach. Even stronger resistance is seen on approach to $73.00 (the upper line of four-hour Bollinger Band) and $73.80 (SMA200 four-hour).