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.
Author
Tanya Abrosimova
Independent Analyst
