Home Litecoin price analysis: traders believe the worst is not over, LTC/USD down 2% on daily basis
Crypto News

Litecoin price analysis: traders believe the worst is not over, LTC/USD down 2% on daily basis

  • LTC/USD retraced from recent highs.
  • Market participants are not that  optimistic, poll shows.

Litecoin is changing hands at $84.90, off Tuesday high hit above $88.00 handle. The coin is down 2% on daily basis, but mostly unchanged since the beginning of the day. It seems like bears are at the driving wheel once again, pushing the coins lower after a short-lived recovery. Litecoin’s market value is registered at $4.8B with average trading volume at $300M.  

Litecoin is moving in sync with other major coins. It has lost nearly 29% on monthly basis and about 63% since the beginning of the year.

Litecoin’s founder Charlie Lee conducted a price poll earlier this week when LTC gained 5.5% from recent lows. As it turned out a small majority (55%) believe that the worst is not over. People are concerned about potential sell-off caused by upcoming ban, imposed on cryptocurrency exchanges by India’s Supreme court.

Litecoin technical picture

Litecoin is capped by 50-SMA (1-hour chart) at $85.20, once it is cleared, the upside may be extended towards Tuesday’s high at $88.40. On the downside, the support is seen at  Sunday’s low of $82.70 (100-SMA), followed by $80.40 (200-SMA).

LTC/USD, the hourly chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.