Ken Chigbo
Independent Analyst
- Litecoin gives up the pyscological $200 level again as pressure mounts on the crypto.
- Price is being supported from frutehr downside by the 50 DMA, $186.
The Litecoin price is seen nursing losses of 5% on Wednesday, as it resumes its downward trend, as the theme has been so far this week. The crypto is around 50% off its peak in December 2017 at around $370. Nevertheless, the price is still some way around 500% up from its extreme lows seen in September 2017.
On the daily time frame, the price has broken and closed below the psychological $200 level, which added to the momentum lower for LTC/USD. As has been the case for the past few weeks, there still a lack of commitment from market players here, as there is yet to be a consistent trend returning.
Looking technically, with the recent fall into LTC/USD back through $200, the price has been caught 50 DMA, around $186. On the daily time frame, a descending channel can be seen forming, seeing the price bounce within and drift lower. Should the price continue south, the trend line which caught the price in early February could come into play. On the flipside, if the bulls return a retest of $200 is probable, which would then bring the $250-300 region back into view, where much resistance awaits.
LTC/USD daily chart
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