Litecoin price analysis: LTC/USD supported by the 100 SMA; ACCC report indicates Australians lost AU$2.1 million in cryptocurrency scams

Litecoin price attacked $140 during the trading session on Sunday evening (GMT) but failed to trade above the resistance. The price crashed again on Monday Asian trading hours even rejecting the short-term support highlighted at $138. At the moment, LTC/USD is trading at $135.94, at the same time it is immediately supported by the 100 SMA on the 1-hour timeframe chart.

In other cryptocurrency news, the Australian Competition and Consumer Commission (ACCC) has released a report on scams where AU$2.1 million was lost by the citizens. The report indicates that as the crypto market surged last year, the scams grew in tandem as well. December last year was the month that average the highest losses amounting in excess of AU$700,000 compared to January 2017 losses of about AU$13,000. The scams came in form of Initial Coin Offerings (ICOS) and various pyramid schemes. A section of the ACCC report reads:

"Scammers adapt each year and find ways to exploit popular trends, new platforms, new ways of communicating, fad products, changes to legislation, or new investment opportunities.”

Litecoin price, on the other hand, is down 2.78% on the day but it has broken below the bullish trend line that began to form since Friday last week. The resistance on the upside is provided by the 50 SMA and the former support area at $138. As mentioned above the 100 SMA is supporting the price, besides the bulls are battling to reverse the trend and attack $140 resistance level again. In the event of extended downward movement, LTC/USD will be supported at $134 and $132 zones.

LTC/USD 1-hour chart