Litecoin price analysis: LTC/USD drop spikes 4% lower, after running into big resistance at $175

Litecoin plunges 4% within an hour, after encountering a large supply zone at $175.
Support levels eyed at 100MA, $165, then $157 consolidation levels prior to Tuesday’s bull run.

Ken Chigbo Independent Analyst

The Litecoin price has come under heavy selling pressure in the latter stages of trading on Wednesday, the price dropped over 4% within an hour. This came after hitting a strong touted resistance area seen at $175, having been knocked back here three times on Wednesday

Given this large weight in the move, looks on the way to erase the rally seen in Tuesday’s session, where the price gained around 8% over the course of the day, in its path of recovery for the heavy losses over the past couple of weeks.

Technically, on this drop south, the price breached its 50MA, which the price had broken above early morning on Tuesday. Eyes are now on the 100MA, tracking at $165, to see if this can catch the falling price, otherwise the price may find its feet around $157, by then giving back Tuesday’s gains.

LTC/USD 30-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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