Litecoin piece analysis: LTC/USD lost nearly 2% within an hour, more downside in store
|- LitePay adoption news does little to support Litecoin.
- LTC/USD risks significant decline if $170.00 support is broken.
Litecoin is not an outsider, but it has been doing pretty poorly lately. The coin is moving away from 50% Fibonacci resistance placed at $187.00, which reduces its chances for near-term recovery.
Chatter about Amazon and Starbucks planning to deploy LitePay during 2018 have done little to support LTC so far as users are disappointed by Litecoin Visa card delay. In the longer-term, these developments will be supportive, especially, when coupled with some other advantages of LTC, including low transactions fees. But for now, Litecoin have to follow the general trend of the cryptocurrency market, which is locked in a range with the downside bias.
Litecoin price technical picture
LTC/USD sits below both 50 and 100-SMA on hourly charts, while the MA crossing signals that the downside movement may get traction. The coin needs to get above 50% Fibonacci retracement at $187.00 to improve the technical picture, but it is out of reach for now. On the downside, if 170.00 area is broken, there'll be little to stop the price from falling to $158.35 (March 9 low).
LTC/USD, the hourly chart
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