Litecoin bulls are still in a desperate state
Litecoin bulls are still in a desperate state
LTC/USD has recovered from the recent lows, but the upside is limited.
A sustainable move above $123.50 is needed to mitigate the bearish pressure.
Litecoin remains range-bound with a bullish bias. The fourth largest digital asset with the current market capitalization of $7.5 billion recovered from June 2 low of $112.22; however, the upside momentum is not strong enough to take it above $120.00 handle. At the time of writing, LTC/USD is changing hands at $119.50, down 1% on a day-on-day basis and nearly 2% since the beginning of Thursday trading. "Litecoin bulls are still in a desperate state"
Looking technically, Litecoin bulls are still in a desperate state as they keep trying to push the price above $120.00 with no success so far. A sustainable above this barrier is needed to mitigate the immediate bearish pressure and open up the way towards the next bullish aim of $123.50 strengthened by SMA50 (Simple Moving Average) on 4-hour chart and SMA200 on 1-hour chart. Once it is out of the way, the recovery may be extended towards $125.40 (SMA200, 4-hour) and psychological $130.00 with SMA100 4-hour located on approach.
On the downside, the initial support is created by $113.60 (the short-term upside trendline), followed by $112.25 (the recent low). A sustainable move below this handle will open up the way towards the next bearish aim of $110.00 and a critical $100.00.
Litecoin is the bull among a sloth of bears on Thursday being the only crypto in the green among the top ten. Litecoin is up 1% on the day while trading above the moving averages including the 100 Exponential Moving Average (SMA).
The bulls pushed for a correction towards $130 but the momentum stalled at $127.21. At press time, LTC/USD is trading at $123.40 and is likely to stay above $120 support in the coming sessions according to the technical picture.
The Moving Average Convergence Divergence (MACD) has stayed above the mean line (0.0) since the recovery started on July 2. The divergence continues to increase to show that the buyers are gaining traction against the bears. With the Relative Strength Index (RSI) above average, the current sideways trading above $120 could pave the way towards $130 hurdle.
