Litecoin price analysis: LTC/USD bears push their agenda as the sell-off gains traction
|- LTC/USD has been sliding down in sync with the market.
- The initial support is created by $111.00 level.
Litecoin has stopped short of $115 and retreated to $111.60 by the time of writing. The 6th largest coin with the current market capitalization of $7 billion has lost nearly 3% of its value in recent 24 hours amid declining trading volumes. LTC is most actively traded against BTC on Estonian cryptocurrency exchange P2PB2B.
Litecoin nearly tripled its value since the beginning of the year and became one of the most successful altcoins so far. The coin is driven higher ahead of halving scheduled on August 6, 2019. Halving will result in reduced remuneration for miners. Typically, this development supports the upside price momentum. Read more about halving here.
Litecoin’s technical picture
On the intraday charts, the price slipped under $112.00, however, it is still above $111.00. This support area is strengthened by May 27 low. Once it is broken, the sell-off may continue towards psychological $110 and $109.00 with the simple moving average (SMA) 100 1-hour located on approach. The next barrier lies at $100.00, and it is likely to stop the sell-off.
On the upside the critical barrier is created by the recent high of $115.00, followed by psychological $120.00. A sustainable move above this level will bring us to May 27 high at $122.03 where a fresh selling interest is likely to appear.
LTC/USD, 1-hour chart
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