Litecoin price analysis: LTC/USD entrenched below $100, no recovery in sight
- LTC/USD is rangebound with downside bias.
- $100 turned from key support into critical resistance.
Litecoin has been trading below $100 since June 16 amid bearish sentiments dominating on the cryptocurrency market. Currently, the 6th largest digital coin is changing hands at $96.50, off the recent low reached at $88.69. Litecoin's market value is registered at $5.5B with average trading volume at $300M. The coin is down 1.3% on daily basis with volatility rising slightly during a recent couple of hours.
Litecoin is down nearly 60% since the beginning of the year, but it is still 120% higher on year-on-year basis, which is in agreement with global cryptocurrency market dynamics.
Litecoin technical picture
LTC/USD is locked in a tight range, limited by $100 on the upside and $93.00 on the downside. A clear breakout in either direction will add momentum and define the near-term direction for Litecoin. The resistance is created at $107.29, which is 100-SMA (4-hour chart). Once it is taken out, the upside may be extended towards $116.80 (200-SMA).
On the downside, the key support is registered at $91.00, followed by $90.00. Once broken, the recent low at $88.69 will come into focus.
LTC/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
