Litecoin price analysis: LTC/USD scrambles for support at $144; Wirex announces LTC support

Litecoin broke below important technical levels.
Wirex news may provide support later during the day.

Tanya Abrosimova Independent Analyst

Litecoin lost 12% on Wednesday amid technical correction. The downside pressure increased when the price broke below psychologically important $150.00 and below the upside trendline visible on the hourly chart.

Currently, LTC/USD is trading at $144.90, below all hourly MAs, which gives the short-term picture a distinct bearish touch. The coin may find support at $140.00, and if it holds, we may see a recovery towards $150.00, The bulls need to take the coin above this level to improve the short-term forecast.

Wirex, the crypto wallet app, announced support for LTC, which means that users can swiftly convert their Litecions into fiat currencies such as US Dollar, Euro or British Pound and spend them with Wirex Visa Card.

"Litecoin wallets have landed. Verified users around the world can now buy, trade & spend LTC. Full product features, benefits, and how to get your hot little hands on one," Wirex announced on its Twitter account.

While there is little reaction to the news, it might prove to be supportive later during the day, when European players join the game.

LTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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