Litecoin price analysis: LTC/USD gives in to market pressure, drops to a three-week low
|- Litecoin losses are not isolated, the entire crypto market is in the red.
- The 23.6% Fib retracement level is acting as a major resistance level.
Litecoin price has hit its lowest value in a period of three weeks. The cryptocurrency is down 3% in the last 24 hours. The losses are not isolated; the entire crypto market is experiencing widespread declines.
The warning from the Security and Exchange Commission (SEC) sent the prices tumbling. SEC warned that cryptocurrencies would need regulation starting with the crypto exchanges which need to be registered. Litecoin price had been sliding since the Litecoin Cash hard fork. However, the downturn trend in the entire market has pushed its price to the rocks.
Technically looking at Litecoin, the price is trading below the 100-simple moving average which is in a general uptrend. Currently, Litecoin is exchanging hands at $179.74 as it attempts to recover. The upside gains are met by a resistance that is forming close to the 23.6% Fibonacci retracement level of the last swing high of $360 and a low of $125. The major support level at $125 could be the next stop if further declines are to continue.
LTC/USD daily price chart
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