Litecoin Price Analysis: LTC/USD key support $75 has to hold or be punished
- Litecoin price on Thursday towards the end of the day is holding big losses of over 10%.
- LTC/USD bears are back in control, having erased 50% of the recent bull run gains. Big daily support $75 being tested to the downside.
The Litecoin price in the latter part of trading on Thursday is trading firmly in the red, nursing big losses of over 10%. LTC was a huge underperformer versus many of its peers, as the bears have taken back control.
LTC/USD has erased around 50% of the recent strong run of gains that had initially been accumulated from 2nd April to 6th April. Given how fast the run north was, it only made it vulnerable to profit-taking, as appears to have been the case.
Technically, the price remains vulnerable to further downside risks. LTC/USD can be seen testing a daily support area, which is the low of 3rd April, $75. A breach of the noted support could see the price return to pre-bull run levels.
LTC/USD daily 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.
