Litecoin Price Analysis: LTC/USD hovers around $50.00 amid growing bearish pressure

The cryptocurrency market is a panic selling mode, and Litecoin is not spared. LTC/USD hit $47.50 low during early Asian hours, which is the lowest price since January 10. The 7th largest digital asset has lost over 14% in the recent 24 hours amid major collapse on the market caused by massive risk-aversion and technical factors that keep pushing prices to new lows. Litecoin's daily trading volume is registered at $5.1 billion, which is nearly 25% higher from the recent average figures. LTC's market value reduced to $3.2 billion

LTC/USD: Technical picture

On the longer-term scale, LTC/USD dropped below SMA100 daily (currently at $56.00) and tested the area below the lower line of the daily Bollinger Band (currently at $48.49). At the time of writing, LTC/USD is desperately trying to settle above $50.00, which is needed for an extended reocvery with the first aim at the above said SMA100. Once it is out of the way, the upside is likely to gain traction with the next focus on $60.00. However, considering the plat RSI on the daily chart, the price may enter a consolidation phase before the upside correction sets in.

On the downside, a sustainable move below $47.50 will expose psychological $40.00 and the lowest level of 2020 at $38.74. If this area gives way, LTC will enter an uncharted territory with the potential to extend the decline to December low of $35.78.

LTC/USD daily chart

On the intraday charts, LTC/USD is supported by $48.00 with the lower line of 1-hour Bollinger Band located right below this level. The next support is created by the intraday low of $47.50 and psychological $47.00. On the upside, the initial target is created by $50.00, which is followed by $53.00 ( the middle line of 1-hour Bollinger Band). However, a stronger resistance comes on approach to $58.00 (SMA50 1-hour and the upper line of 1-hour Bollinger Band).

LTC/USD 1-hour chart