Litecoin price analysis: LTC/USD falls back through key $200 level, 50 DMA coming to the rescue
|- Litecoin gives up the pyscological $200 level again as pressure mounts on the crypto.
- Price is being supported from frutehr downside by the 50 DMA, $186.
The Litecoin price is seen nursing losses of 5% on Wednesday, as it resumes its downward trend, as the theme has been so far this week. The crypto is around 50% off its peak in December 2017 at around $370. Nevertheless, the price is still some way around 500% up from its extreme lows seen in September 2017.
On the daily time frame, the price has broken and closed below the psychological $200 level, which added to the momentum lower for LTC/USD. As has been the case for the past few weeks, there still a lack of commitment from market players here, as there is yet to be a consistent trend returning.
Looking technically, with the recent fall into LTC/USD back through $200, the price has been caught 50 DMA, around $186. On the daily time frame, a descending channel can be seen forming, seeing the price bounce within and drift lower. Should the price continue south, the trend line which caught the price in early February could come into play. On the flipside, if the bulls return a retest of $200 is probable, which would then bring the $250-300 region back into view, where much resistance awaits.
LTC/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.