Litecoin price analysis: LTC/USD under pressure again, down 6% on daily basis

Litecoin is changing hands at $76.22, unchanged since the beginning of the day and down 6% on daily basis amid another wave of bearish momentum on global cryptocurrency market. Litecoin's market value is registered at $4.3B with average trading volume at $260M, which is substantially lower from $400M on Tuesday. Litecoin lost about $1B of its value in just a week.

Over the past 24 hours, crypto markets lost another $12 billion, sliding from $255 to $243 billion as traders tend to see their glass half empty. Facebook partially lifted crypto advertising ban, but the industry merely noticed it.

Read more about Facebook decision

Litecoin technical picture

Litecoin's intraday picture is dominated by bearish signals. The price stays deep below hourly MAs with the first strong resistance area located at $80.00-$80.50 and followed by $87.7 (200-SMA, hourly chart). While the ultimate bullish goal is still at $90.00, the chances to get there are slim. On the downside, the support is created by $74.00. Once it is broken, $73.33 will come into focus.

LTC/USD, the hourly chart