LTC/USD recovery stalled at $140.00

  • Litecoin’s recovery stalled on approach to a strong resistance has recovered from the recent lows.
  • The initial support is created by 135.00 handle.

Litecoin, now the 4th largest asset with the current market capitalization of $8.4 billion has gained about 1.3% of its value in recent 24 hours to trade at $136.50 by the time of writing. The coin has been range-bound recently, moving in sync with the rest of the market.

Litecoin Foundation announced the partnership with Bibox Exchange and Ternio. The companies plan to release a special edition Litecoin debit card that will allow users to spend their Litecoins online or in brick and mortar stores where credit cards are accepted. However, this news was largely ignored by the market.

Looking technically, Litecoin’s recovery is capped by $140.00. A sustainable move above this handle will engineer a new bull’s leg towards the recent high at $144.16. Once it is out of the way, the upside may be extended towards the next bullish aim of $150.00.

On the downside, the initial support is created by $135.00 handle, strengthened by SMA50 ( Simple Moving Average) on 4-hour chart and a host of 1-hour SMA levels. Once it is cleared, the downside is likely to gain traction with the next focus on psychological $130.00 and $128.90 (June 18 low). The next support awaits us at $124.00 (4-hour SMA100). It is followed by psychological $120.00 and  $112.00 handle (23.6% Fibo retracement for a downside move from December 2017 high and SMA200, 4-hour).

LTC/USD, 1-hour chart

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