- LTC/USD has retraced from recent high.
- The critical bullish target is still at $60.00.
Litecoin (LTC) topped at $59.75 on Saturday and backtracked to $55.39 by the time of writing. The coin with a market capitalization of $3.38 now takes the fourth place in global cryptocurrency rating and remains one of the best performing cryptocurrencies on a week-on-week basis.
Despite the correction, LTC is still moving within the upside trend with the initial support at $54.00 followed by SMA50 (4-hour) at $53.75. Once below this area, the downside momentum might gain traction and take the price towards 50.40 (SMA100 4-hour) and psychological $50.00.
From the longer-term point of view, the ultimate bullish target comes at $60.00, followed by psychological $70 and $71.13 (SMA50, weekly). However, considering the downward-looking RSM on a daily chart, we may need a little more correction before the upside trend is resumed.
On the downside, keep an eye on DMA200 at $44.55. It is likely to stop the bears’ assault and trigger the recovery. Otherwise, the sell-off will be extended towards $40.50 (DMA50) and $36.00-$35.90 (the upside trendline from December 24, 2018 low.