- Litecoin is slammed by the bears, down over 5% on Monday, breaking key near-term support.
- The RSI on Sunday was well in over-bought territory at the highs, before crashing down south.
The Litecoin price was under heavy selling pressure on Monday, the drop intensified as the price broke a supporting trend line, that has been assisting in the grind higher running from 29th May. The fall is seen across the board within the cryptocurrency market.
LTC/USD has enjoyed a brief path of recovery during last week’s trading and even printed highs on Sunday at $129.88, before the selling pressure turned on. The RSI was well above over-bought territory at the highs on 3rd June, seeing it above 77 before the sell-off.
Technically, support is next seen to the downside at $116.60, 1st June lows. Further south, eyes would be on $114 and then $110-100. Should there be a shift in sentiment, resistance to the upside will now be seen at the initially supporting trend line, tracking at $124.
LTC/USD daily chart
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