Litecoin price analysis: LTC/USD back below $90.00 handle amid global short-term correction

• LTC/USD lost nearly 5% on a daily basis, stopped by 50-DMA.
• Litecoin’s founder says buy Bitcoin before anything else.

Litecoin is changing hands at $86.35, off Wednesday’s high reached at $94.48. The coin lost nearly 4.8% on a daily basis   as the upside momentum is fading away. The market value of the sixth largest coin settled at $4.9B, the average daily trading value is registered at $3351M.

Meanwhile, Litecoin founder Charlie Lee suggests that crypto newbies shall start their quest with buying at least one Bitcoin.  

“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the shitcoins you want!”

Litecoin’s technical picture

From the technical point of view, LTC/USD failed to stay above psychological $90.00 due to profit-taking. This resistance remains unbroken, but the bulls still make another attempt, provided that the sentiments on the cryptocurrency market are positive. Once this level is cleared, the price will grow to 23.6% Fibo at $99.41 and continue to the ultimate bullish goal at psychological $100. On the downside, the local support is provided by $94.00, which si closely followed by 100-SMA (1-hour chart) at $83.97.

LTC/USD, 1-hour chart