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  • LTC/USD lost 3.6% since the start of the day.
  • Long-term trend is bearish, $90.00 needs to be taken.

Litecoin is changing hands at $85.80, off early Asian high reached at $90.57. The coin has lost 1.5% on a daily basis  and 3.6% since the start of Wednesday. While Litecoin failed to hold the early gains, it still has a potential to resume th upside after a short-term correction from an overbought territory, provided that the sentiments remain positive. The market value of the seventh largest coin settled at $4.9B, the average daily trading value is registered at $374M.

Litecoin’s technical picture

From the technical point of view, LTC/USD tested area above psychological $90.00, but retraced lower due to profit-taking. The long-term trend is still bearish as the upside is capped by 50-DMA, currently at $88.97; on the intraday level, Litecoin is supported by 50-SMA ($85.65, 1-hour chart). The bulls still have a chance to take the situation under control as long as the price stays above this level.  

Once $90.00 handle is cleared, the price will move to 23.6% Fibo at $99.41 and continue moving to psychological $100.  

LTC/USD, 1-hour chart