Litecoin market update: LTC/USD retreats from $85.00 amid technical correction
|- LTC/USD has grown by 20% since this time on Tuesday.
- The correction may gain traction.
Litecoin (LTC) topped at $85.00 during early Asian hours. The coin has gained nearly 20% in recent 24 hours and became one of the best-performing coins out of top-20. At the time of writing, LTC/USD is changing hands marginally above $81.00, off the intraday low of $77.97.
On the intraday charts, the price stays close to an overbought territory, which means that the downside correction may extend further even though the Relative Strength Index is flat.
The initial support lies with 23.6% Fibo retracement from the recent upside move at $79.00. Once it is cleared, the price is likely to slide towards $78.00 strengthened by the intarday low and to 38.2% Fibo retracement at $75.50.
On the upside, we will need to see a sustainable move above $85.00 for the rally to gain traction with the next focus on weekly SMA100 at $86.90. Otherwise, the coin will enter consolidation phase with bearish bias.
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