Litecoin has lost over 14% on a day-to-day basis amid major sell-off on the market. The critical short-term support is created by the intraday low of $47.50. The cryptocurrency market is a panic selling mode, and Litecoin is not spared. LTC/USD hit $47.50 low during early Asian hours, which is the lowest price since January 10. The 7th largest digital asset has lost over 14% in the recent 24 hours amid major collapse on the market caused by massive risk-aversion and technical factors that keep pushing prices to new lows. Litecoin’s daily trading volume is registered at $5.1 billion, which is nearly 25% higher from the recent average figures. LTC’s market value reduced to $3.2 billion LTC/USD: Technical picture On the longer-term scale, LTC/USD dropped below SMA100 daily (currently at $56.00) and tested the area below the lower line of the daily Bollinger Band (currently at $48.49). At the time of writing, LTC/USD is desperately trying to settle above $50.00, which is needed for an extended reocvery with the first aim at the above said SMA100. Once it is out of the way, the upside is likely to gain traction with the next focus on $60.00. However, considering the plat RSI on the daily chart, the price may enter a consolidation phase before the upside correction sets in. On the downside, a sustainable move below $47.50 will expose psychological $40.00 and the lowest level of 2020 at $38.74. If this area gives way, LTC will enter an uncharted territory with the potential to extend the decline to December low of $35.78. LTC/USD daily chart On the intraday charts, LTC/USD is supported by $48.00 with the lower line of 1-hour Bollinger Band located right below this level. The next support is created by the intraday low of $47.50 and psychological $47.00. On the upside, the initial target is created by $50.00, which is followed by $53.00 ( the middle line of 1-hour Bollinger Band). However, a stronger resistance comes on approach to $58.00 (SMA50 1-hour and the upper line of 1-hour Bollinger Band). LTC/USD 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Indonesia: FX reserves dropped in February – UOB FX Street 3 years Litecoin has lost over 14% on a day-to-day basis amid major sell-off on the market. The critical short-term support is created by the intraday low of $47.50. The cryptocurrency market is a panic selling mode, and Litecoin is not spared. LTC/USD hit $47.50 low during early Asian hours, which is the lowest price since January 10. The 7th largest digital asset has lost over 14% in the recent 24 hours amid major collapse on the market caused by massive risk-aversion and technical factors that keep pushing prices to new lows. Litecoin's daily trading volume is registered at $5.1 billion, which is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
