- The majority of Litecoin’s trading takes place on OKEx with BTC/LTC taking 14.06% while LTC/USDT 12.29%.
- The 50 SMA is offering immediate resistance at $95.00 while the 100 SMA is the critical intraday resistance.
Litecoin price lost at least $8.5% in the previous week due to the dominant selling pressure. The cryptocurrency also traded slightly under $90.00 besides the price has been limited below $103 since then. The just-concluded weekend trading was uneventful with no major movements while similarly Litecoin price was supported strongly above $90.0 while the key resistance is at $98.00.
Litecoin is the 6th virtual currency, currently with a market capitalization of $5.4 billion at the time of press. Its trading volume has been dropping in the past four days where it traded $367 million on June 14 to $242 on June 17. The majority of Litecoin’s trading takes place on OKEx with BTC/LTC taking 14.06% while LTC/USDT 12.29%.
Litecoin is still in danger of downside corrections, besides there is a progressing bearish momentum on the chart. LTC/USD is exchanging below the moving averages. The 50 SMA is offering immediate resistance at $95.00 while the 100 SMA is the critical intraday resistance at $96.00. The stochastic on the 15′ chart is pointing down confirming that the sellers have the influence. The short-term support lies at $94.00, while $92 – $90 is a key support area. If the price breaks above $98.00, it could gain momentum to approach the upper supply zone at $102. In the meantime, $94.00 must continue to stand its ground in order to prevent further declines.
LTC/USD 15′ chart
Share
