Litecoin market update: bears take LTC/USD under $80.00
|- LTC/USD downside correction is gaining traction.
- The short-term upside potential is exhausted.
Litecoin (LTC) is changing hands marginally above $80.00, losing 6% since this time on Wednesday amid strong bearish momentum. The fourth largest cryptocurrency with the market value of $5.1 billion is moving in sync with the rest of the market, retracing from the recent highs reached earlier this month.
LTC/USD stopped within a whisker of $100.00 handle before the correction pushed in back in $90-$80 range. A sustainable move below $80.00 handle will increase the downside pressure with the next focus on DMA50 currently at $61.65 and mark the end of the recovery.
On the upside, we will need to see the price back above $88.50 (SMA200, weekly) to get the bull’s trend back on track. Considering that the daily Relative Strength Index has turned downwards moving away from an overbought territory, we may suggest that LTC is likely to continue moving to the South in the nearest future.
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