- Litecoin returned to the area above 1-hour SMA50 and SMA100.
- The first bullish target is created by the intraday high.
Litecoin (LTC) attempted a recovery above $48.00 during early Asian hours on Thursday, but failed to hold the ground and dropped to as low as $46.26 (intraday low). At the time of writing, LTC/USD is trading at $47.10, mostly unchanged both on a day-to-day basis and since the beginning of the day. Litecoin is the seventh-largest digital asset with the current market value of $3 billion, while the average daily trading volume is registered at $2.7 billion.
Only 27% of Litecoin holders are making money at the current price. A large cluster of addresses holding nearly 3 million LTC is registered in the range from $48.00 to $55.00, which makes it hard for the bulls.
LTC/USD: Technical picture
On the intraday chart, LTC/USD sell-off is limited by the local support level created by a combination of 1-hour SMA50 and SMA100 at $46.90. While the price manages to settle above this area after the initial sell-off, a downward-looking RSI implies that the bearish sentiment is still strong on the market. A sustainable move below this area will open up the lower line of the 1-hour Bollinger Band at $46.50 and the 1-hour SMA200 at $45.80.
On the upside, resistance is created by $48.00, which is reinforced by the intraday high and the upper line of the 1-hour Bollinger Band. It is followed by the recent high at $49.60. The ultimate bullish goal is $50.00.