Litecoin price analysis: LTC/USD attempts a recovery above $135.00 after a sharp sell-off

Litecoin's recovery stalled on approach to a strong resistance has recovered from the recent lows.
The initial support is created by 135.00 handle.

Litecoin, now the 4th largest asset with the current market capitalization of $8.4 billion has lost nearly 5% of its value in recent 24 hours to trade at $135.25 by the time of writing. The coin has been moving down amid technical correction in sync with the rest of the market.

Litecoin's technical picture

Looking technically, Litecoin's move below $137.00 (SMA200 (Simple Moving Average) on 1-hour timeframe) intensified the sell-off and pushed the price below $135.00. This development has spoiled the immediate technical picture and brought $133.40 (the intraday low) into focus. 

A sustainable move below this handle will open up the way towards the next bearish aim of $133.00 and psychological $130.00, followed by $129.00. This barrier is strengthened by June 18 low). The next support awaits us at psychological $120.00 and  $112.00 handle (23.6% Fibo retracement for a downside move from December 2017 high).

Meanwhile, on the upside, the recovery is capped by $137.00 with SMA200 1-hour located on approach. Once it is out of the way, the upside may be extended towards $138.50 (SMA100, 1-hour) and psychological $140.00, strengthened by SMA50.

LTC/USD, 4-hour chart

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