Litecoin price analysis: LTC/USD attempts a recovery above $135.00 after a sharp sell-off
|Litecoin's recovery stalled on approach to a strong resistance has recovered from the recent lows.
The initial support is created by 135.00 handle.
Litecoin, now the 4th largest asset with the current market capitalization of $8.4 billion has lost nearly 5% of its value in recent 24 hours to trade at $135.25 by the time of writing. The coin has been moving down amid technical correction in sync with the rest of the market.
Litecoin's technical picture
Looking technically, Litecoin's move below $137.00 (SMA200 (Simple Moving Average) on 1-hour timeframe) intensified the sell-off and pushed the price below $135.00. This development has spoiled the immediate technical picture and brought $133.40 (the intraday low) into focus.
A sustainable move below this handle will open up the way towards the next bearish aim of $133.00 and psychological $130.00, followed by $129.00. This barrier is strengthened by June 18 low). The next support awaits us at psychological $120.00 and $112.00 handle (23.6% Fibo retracement for a downside move from December 2017 high).
Meanwhile, on the upside, the recovery is capped by $137.00 with SMA200 1-hour located on approach. Once it is out of the way, the upside may be extended towards $138.50 (SMA100, 1-hour) and psychological $140.00, strengthened by SMA50.
LTC/USD, 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.