Litecoin price analysis: LTC/USD lost 9% in recent three days, more downside in store
- Litecoin settles under $76.00 amid strong sell-off.
- LTC/USD has lost 5% in recent 24 hours.
Litecoin has been sliding for the third day in a row. LTC/USD touched $73.70 low on Sunday before recovering to $76.00 by the time of writing. The 6th largest digital coin with the current market value has lost nearly 9% since Friday, April 19 amid massive sell-off triggered mostly by technical factors.
Litecoin’s technical picture
LTC/USD is supported by $75.00 handle with 61.8% Fibo retracement from the recent upside movement on approach. Once this barrier is out of the way, the sell-off may be extended towards SMA200 (4-hour) at $74.00 and the recent low of $73.70. The next support lies with psychological $70.00, which is followed by 69.00-68.80 (DMA50) and $63.17 (SMA50 weekly).
On the upside, a sustainable move above psychological $80.00 is needed to mitigate the bearish pressure. Once it is cleared, the recovery may be extended towards $83.00 closely followed by SMA100 (4-hour). Even more important resistance is created by 38.2% Fibo retracement at $84.40.
LTC/USD, 4H chart
Author
Tanya Abrosimova
Independent Analyst
