Litecoin price analysis: LTC/USD reverses gains, slides below $130.00
|- Litecoin is back below $130.00 amid speculative positioning.
- LTC/USD needs to stay above $120.00 to avoid extended downside.
Litecoin is moving in lockstep with Bitcoin, giving up the gains of the previous week. The coin touched the maximum at $133.65 on Friday, April 13, and lost nearly 5% since that time. Currently, LTC/USD is trading at $127.00 with short-term negative bias.
While there are no specific factors that might have caused the LTC downside correction below $130.00 threshold, the move might be attributed to speculative positioning, where traders choose to lock some profits after a strong rally, experienced by the coin during the previous week.
Litecoin technical picture
On the intraday level, LTC/USD has reached $127.00 support, strengthened by 100-SMA (hourly interval), once it is broken, the downside may be extended towards $121.00 (200-SMA, hourly chart) and psychological $120.00. On the upside, the bulls should take the coin above $130.00 to keep the upside trend alive. The next target is seen at Friday's high $133.65 and at $135.00 - this area stopped the recovery at the beginning of April.
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.