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  • Litecoin stays in the green zone on a day-to-day basis despite the retreat.
  • Both daily and intraday RSI signals that bears are ready to regain control over the coin.

Litecoin is the seventh-largest digital asset with the current market capitalization of $4 billion. At the time of writing, LTC/USD is changing hands at $61.8, while an average daily trading volume amounts to $2.8 billion. Litecoin is down 1.5$ since the start of the day; however, it is still over 6% higher on a day-to-day basis, which makes it the best-performing altcoin out of top-10.

LTC/USD: The technical picture

LTC/USD reached the intraday high at $63.69; however, the upside momentum has faded away on approach to the local resistance that stopped the recovery attempt on August 20. The sell-off may be extended towards the local support created by 4-hour SMA100 at $60.50. Once it is out of the way, the downside is likely to gain traction with the next focus on $59.00. While the RSI has reversed from overbought territory and points downwards, this barrier is likely to slow down the bears as it is reinforced by a combination of 4-hour SMA50 and SMA200. 

LTC/USD 4-hour chart

On the upside, the local resistance comes at the above-mentioned intraday high of $63.69, closely followed by $64.00.  a sustainable move above this area is needed for the upside to gain traction with the next focus on the recent recovery high on approach to $69.00. On the longer-term timeframe, the RSI has points downwards; however, the trend stays remains bullish as long as the price stays above the daily SMA50 at $54.70. If it is broken, a psychological $50.00 will come into view. 

LTC/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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