Litecoin (LTC) price analysis: LTC/USD hovers below $74.00, down 5% in recent 24 hours
- The 5th largest asset is one of the worst-performing coins on Monday
- Litecoin halving is looming.
Litecoin (LTC) is changing hands at $73.53. The fifth largest digital asset with the current market value of $4.5B has lost over 3.5% since the start of the Asian trading on Monday, and over 5% in recent 24 hours. Thus, LTC had become one of the worst performing coins of the day so far.
LTC/USD has been losing ground steadily since May, 4, when the coin touched the highest level since April 19 at $83.23. The downside momentum qualifies as a natural correction after a strong growth 0ff the recent low $66.02.
It is worth noting that LTC remains is one of the best-performing cryptocurrencies with over 120% of growth in recent three months.
On the intraday charts, the price slipped under $74.00, This area strengthened by SMA200 (1-hour) now serves as a local resistance for the price recovery. Once it is cleared, the bullish momentum is likely to gain traction with the next barrier seen at $76.70 (SMA100 1-hour) and psychological $77.00 closely followed by SMA50 (1-hour).
On the downside, the critical barrier is created by the recent low of $72.30, followed by psychological $70.00. A sustainable move lower will bring us to psychological $66.30 (the broken sloping trendline), where a fresh buying interest is likely to appear.
Meanwhile, Litecoin is moving towards halving, scheduled on August 6, 2019. Halving means that miners renumeration will be slashed in half to 12.5 LTC. Typically, this development supports the upside price momentum as the halving affects the speed of new coins are mined and added to the circulation and thus reduces the inflation of the asset.
LTC/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
