Litecoin price analysis: LTC/USD down 6.5% on the day; Charlie Lee recommends putting prices in perspective
|- Litecoin is back below $140 after a short-lived recovery.
- Litecoin's CEO offers optimistic view. As always.
Litecoin dropped from $144.43 to $136.67 in a matter of hours during Asian trading session. The sixth largest coin by market value has lost 6.5% since the beginning of the day amid growing trading volumes ($419M against $383M the day before). The coin touched $131.00 on Saturday, which is the lowest level since April 18.
Meanwhile, Litecoins creator recommends traders to put things in perspective and stop worrying too much about day-to-day price fluctuations.
"It's strange to see people claiming that Bitcoin and Litecoin are dead because the price is so low at $8000 and $140 respectively. A year ago, the price was around $1800 and $30. Back then, people would have killed for today's prices," he wrote in his Twitter account.
Litecoin is down 40% since the beginning of the year, but it is 400% higher than twelve months ago.
Litecoin's technical picture
Longer-term technical picture looks bearish as long as LTC/USD stays below $160.00 handle, strengthened by 100- and 200-DMA at $161 and $163 respectively. Once this area is cleared, the recovery may be extended towards sloping trendline, currently at $178 with the next bullish target at $200. On the downside, the nearest support is created by $130 and followed by $125.00.
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