Litecoin piece analysis: LTC/USD struggles at 50% Fibo as crypto market sentiments are shaky

Litecoin looks bearish on the longer-term time frame.
Move above $200.00 resistance is needed to improve the technical picture.

Tanya Abrosimova Independent Analyst

Litecoin price touched the recent low at $158.35 on March 9, and since that time it has recovered nearly 18% of losses to trade at $186.80. LTC/USD reached the important resistance level created by 50% Fibonacci retracement, which has been capping the upside for the last four days.

Cryptocurrency traders took the news about Gemini Exchange plans to add Litecoin to the set of tradable instruments in their stride as overall cryptocurrency market sentiment dominates the coin's dynamic.

Litecoin price technical picture

From the longer-term perspective, LTC/USD is still a sell. The moving average cross has been sending bearish signal since March 5, while a sustained dip below 50% Fibonacci retracement aggravates the picture. The bulls have to take LTC/USD above psychological $200.0 and then above 100-DMA ($207.00) to improve the sentiment. On the downside, the first support is produced by $171.00-170.00 area, which encompasses Sunday's low. Once it is broken, the price may drop towards $158.35 (March 9 low).

LTC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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