Litecoin price analysis: LTCUSD bleeding galore

Litecoin is the perfect example for the phrase, everything that goes up must come down. The fifth largest cryptocurrency recently embarked on a journey of breaking barriers on the market. The bullish wave that had been sweeping across the market since Monday place LTCUSD in an incredible upward trajectory where it broke past various key resistance levels, for instance, $80, $90 and $100. A high was formed at $106.46 before the bears rushed in for revenge amid a wide-spread crypto carnage.

The declines on the market are so devastating that they are in double figures especially for the top twenty digital assets. Litecoin is down 8.7% on Friday in comparison to Ethereum’s 12% and Ripple’s 11.5%. The largest crypto by market capitalization is down 10% on the day marking the beginning of the worst selloff in 2019.

At press time, Litecoin has corrected below $90.00 but has found support at $85.00. LTC/USD has contained the losses and is now dancing at $87.69. The building reversal is supported by the 50 Simple Moving Average (SMA) and the 50 SMA. Technicals show that the losses have been contained and we could see consolidation in the coming sessions. Further down, the 100 SMA will offer support at $81.82 while the RSI has avoided the oversold levels to show that the bulls are currently taking back control.

LTC/USD 1-hour chart