Litecoin price analysis: LTC/USD come close to $110.00, below is the abyss

Litecoin is falling together with the rest of the coins.
LTC/USD needs to stay above $110.00 to get a chance for a recovery.

Tanya Abrosimova Independent Analyst

Litecoin has lost nearly 5% on the day amid general cryptocurrency sell-off, triggered by a combination of technical and fundamental factors. The Litecoin's market value is currently standing at $6.4B with both short-term volatility and trading volumes are growing as the price goes down. This may signal that more downside is in store.

From the longer-term point of view, LTC is still locked in a downside channel, potentially creating a double bottom around the pivotal $110.00, This level has to remain unbroken to give LTC bulls a chance for an extended correction.

Litecoin technical picture

LTC/USD is trading at $113.23 with the nearest pivotal support seen at $110.00. If this level is broken, the price may crash all the way down to February low at $102.08 and to psychological $100.00. On the upside, coin needs to clear $120.00 resistance to get a chance for an extended recovery towards $124.30 (50-SMA, hourly chart) and $125.00, which looks highly unlikely at this stage.

LTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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