Home Litecoin price analysis: LTC/USD down 4% on a daily basis, follows where Bitcoin leads.
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Litecoin price analysis: LTC/USD down 4% on a daily basis, follows where Bitcoin leads.

  • LTC/USD breaks below intraday movign averages
  • There is a chance for recovery as the trendline is not broken

Litecoin is changing hands at $83.55, off early Asian lowcreached at $82.78. The coin has lost 4% on a daily basis  and stayed unchanged since the start of Friday. While Litecoin failed to hold the recent gains amid global correction on the cryptocurrency market, it still has a potential to resume the upside as long as the price stays above short-term rising trendline, currently at $82.90. The market value of the seventh largest coin settled at $4.8B, the average daily trading value is registered at $303M.

Litecoin’s technical picture

From the technical point of view, LTC/USD moved below all short-term moving averages due to profit-taking after a strong rally earlier this week. On the intraday level, Litecoin is supported by the above-mentioned trendline ($82.90) followed by $81.00. The bulls still have a chance to remedy the situation as long as the price stays above this level. On the upside, the first hurdle comes at $84.90 (200-SMA, 1-hour chart), followed by $85.00. If this area is cleared, the recovery may be extended towards $85.80 and $86.16 (100 and 50-SMAs, 1-hour chart).

LTC/USD, 1-hour chart

 

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