Litecoin (LTC) price analysis: LTC/USD hovers below $70.00, more sell-off is possible

  • The 6th largest coin is one of the worst-performing coins on Monday.
  • LTC/USD needs to clear $71.00 to extend the recovery.

Litecoin (LTC) peaked at $99.47 on April 3 and has been moving down ever since. At the time of writing, the 6th largest digital asset with the current market value of $4.3 billion is changing hands at $69.27, down over 3% on a day-on-day basis. The coin has lost nearly 9% in recent 7 days and over 30% from the above-said peak.

On the intraday charts, the price is moving within a range limited by the recent low of $68.35 on the downside and psychological $70.00 on the upside. If the above-mentioned resistance is cleared, the upside momentum will gain traction with the next focus on $71.00 created by SMA50 (1-hour). It is followed by SMA100 at $71.85. Meanwhile, the critical barrier is created by a confluence of 61.8% Fibo retracement and the sloping trendline from April 3 peak at $75.00.

On the downside, a sustainable move below $68.35 increase the bearish pressure with the next aim at $60.00, followed by DMA100 currently at $56.60. 

Considering that the intraday Relative Strength Index has turned downwards, we may suggest that LTC has not exhausted it downside potential as yet.

LTC/USD, 1-hour chart 

BEST BROKERS TO TRADE CRYPTO

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.