- LTC/USD is still in the range despite recent sell-off.
- Positioning and speculative trading may be behind the downside movement.
Litecoin is changing hands at $94.00, down nearly 4% on daily basis amid global cryptocurrency sell-off. Litecoin’s market value is registered at $5.4B with average trading volume at $312M.
Despite a noticeable drop, LTC/USD continues moving within the short-term horisontal channel with the support at $93.00. The price is likely to recover from this area as new buyers will join the game and stop the downside. However, once it is broken, the selling pressure may intensify and take the coin all the way down to psychological $90.0 and $88.69, which is the lowest point reached on June 13.
Litecoin is moving in lockstep with other major coins, and while the fundamental reasons of the recent sell-off are not readily available, speculative sentiments and short-term positioning ahead of the weekend may partially explain the downside.
LTC/USD is down nearly 60% since the start of the year, but it is still 120% higher on year-on-year basis.
LTC/USD, the hourly chart
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