Litecoin price analysis: LTC/USD caught in a bear’s trap, down 14%

  • LTC/USD came close to $111.00 amid intense selling pressure
  • The initial resistance is created by $120.00 handle.

Litecoin whirled in a wild bearish dance. The 5th largest cryptocurrency has lost over 14% of its value in a matter of hours and touched an intraday low of $111.26 amid the massive sell-off on the cryptocurrency market. 

At the time of writing, LTC/USD is changing hands at $114.25. The coin is strongly oversold on the intraday charts, which means that we may be in for some recovery. However, LTC bulls will need to push the coin back above $120.00 to mitigate the immediate downside pressure. The next resistance is created by SMA200 (Simple Moving Average) 4-hour chart at $123.00. It is followed by psychological $130.00.

On the downside, a sustainable move below the intraday handle of $111.26 will open up the way towards the next bearish aim of $110.00. 

LTC/USD, 4-hour chart

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