Litecoin Price Analysis: RSI points to increased selling pressure

• Litecoin Foundation now allows users earn 10% on their holding through partnership with Cred.
• LTC/USD may be vulnerable to further losses, accroding ot the current technical setup.

Litecoin (LTC) is changing hands at $72.69, down 2.3% on a day-to-day basis. The coin takes the 6th place in the global cryptocurrency rating with the current market value of $4.7 billion and an average daily trading volume of $4.9 billion.

Litecoin Foundation partners with crypto lending platform

Litecoin Foundation announced partnership deal with Cred that will allow providing financial services to Litecoin  holders. Cred is a licensed lender based in California and a popular lending platform based on cryptocurrencies. The platform works in 190 countries. 

According to the press-release, Litecoin (LTC) holders will be able  earn up to 10% on their digital assets through any of Cred’s partners including Litecoin Foundation, Bitcoin.com, Uphold, and BitBuy.

We’re thrilled to be working with Cred as our financial services partner, offering among the most competitive interest rates on Litecoin, Charlie Lee, creator of Litecoin and Managing Director of Litecoin Foundation commented  in the press-release.

Litecoin holders will be able to receive monthly interest payments for six-months commitment, with the option to roll over the assets for additional periods. 

LTC/USD: Technical picture implies more sell-off

From the technical point of view, LTC/USD is hovering around a pivotal point. The current support created by psychological $73.00 served as a strong resistance in the beginning of February, thus, a sustainable move below this area may trigger sharp sell-off towards $70.00 and potentially $66.50 ( the middle line of the daily Bollinger Band, which coincides with the lower level of the previous consolidation channel). 

On the upside, we will need to see a sustainable move above $75.00 for the upside to gain traction. This resistance is created by a combination of SMA50 and SMA100 on 1-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent high of $78.45 and psychological $80.00.

Meanwhile, the RSIs both on daily and hourly charts point downwards, signalling that the bearish sentiments are getting stronger.

LTC/USD daily chart