LTC/USD resumes the recovery, bulls target at $70.00

William Arsn

  • Litecoin has been growing steadily since the weekend. 
  • The next strong bullish target is created by psychological barrier of $70.00.

Litecoin (LTC) has gained over 5{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} in the recent 24 hours to trade at $62.47 by press time. The 7th largest digital asset with the current market capitalization of $4.00 billion has been one of the best-performing coins out of top-10 on Monday as the upside momentum has been gaining traction since the weekend. The coin dipped to the psychological $60.00 during early Asian hours before the recovery resumed. 

Read also: Litecoin SegWit adoption rate surpasses Bitcoin to reach 80{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05}, LTC/USD falls after failing at $67.50

LTC/USD: The technical picture

Litecoin (LTC) bottomed at $57.76 on August 22 and has been growing strongly ever since. The coin has settled in the upper part of the daily Bollinger Band and its middle line at $59.70 now serves as local support. Once it is broken, the sell-off may be extended towards the recent low of $57.76; however, the critical technical barrier is created by the daily SMA50 on approach to $52.70. 

On the upside, the local resistance is created by $64.00. The price stopped short of this barrier during the previous week’s recovery attempt. The sell-off from this resistance resulted in a massive long squeeze and pushed the price to the above-mentioned low. Once it is broken, the recovery may be extended towards $68.79, which is the highest level since August 18. The next resistance is created by a psychological $70.00.

LTC/USD daily chart

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