Litecoin price analysis: traders believe the worst is not over, LTC/USD down 2% on daily basis
|- LTC/USD retraced from recent highs.
- Market participants are not that optimistic, poll shows.
Litecoin is changing hands at $84.90, off Tuesday high hit above $88.00 handle. The coin is down 2% on daily basis, but mostly unchanged since the beginning of the day. It seems like bears are at the driving wheel once again, pushing the coins lower after a short-lived recovery. Litecoin's market value is registered at $4.8B with average trading volume at $300M.
Litecoin is moving in sync with other major coins. It has lost nearly 29% on monthly basis and about 63% since the beginning of the year.
Litecoin's founder Charlie Lee conducted a price poll earlier this week when LTC gained 5.5% from recent lows. As it turned out a small majority (55%) believe that the worst is not over. People are concerned about potential sell-off caused by upcoming ban, imposed on cryptocurrency exchanges by India's Supreme court.
Litecoin technical picture
Litecoin is capped by 50-SMA (1-hour chart) at $85.20, once it is cleared, the upside may be extended towards Tuesday's high at $88.40. On the downside, the support is seen at Sunday's low of $82.70 (100-SMA), followed by $80.40 (200-SMA).
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