Litecoin market update: LTC/USD bleeding profusely: $100 is the next stop
|- Litecoin is nursing losses with a sharp drop from levels around $120.
- All the technical levels have turned negative amid increased crypto volatility.
Litecoin is among the worst hit cryptocurrencies on the market on Wednesday following an address by the Fed chairman Jerome Powell, find the entire story here. Litecoin is nursing losses with a sharp drop from levels around $120 to lows almost risking breaking $100.
All the technical levels have turned negative amid increased crypto volatility. LTC/USD is trading at $105 after making a shallow recovery from $101.32 (intraday low). The Relative Strength Index (RSI) has dived into the overbought further strengthening the bear reversal.
The Moving Average Convergence Divergence (MACD) is increasing the divergence in the negative region suggesting that the current bear pressure could last longer. However, as long as Litecoin defends $100 support, capacity for reversal is still immense. Besides, the bears are probably getting exhausted.
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LTC/USD 1-h chart
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