Litecoin price analysis: LTC/USD down 8% in a post-halving sell-off
|- LTC/USD dips below $90.00 amid strong selling pressure.
- The initial support is created by $87.50 handle.
At the time of writing, LTC/USD is changing hands at $89.39. The coin slipped below critical $90.00 after a short-lived growth above $100.00 on August 5. The fifth-largest digital asset with the current market value of $5.6 billion has lost nearly 2% on a day-on-day basis and over 8 % on a weekly basis.
On the intraday charts, a sustainable move below psychological $90.00 bodes ill for the short-term momentum. The next support awaits us on approach to the recent low of $87.52. It is followed by $86.80 (the lower line of 4-hour Bollinger Band and the lower line of 1-day Bollinger Band). The next bearish target is created by SMA200 (Simple Moving Average) daily on approach to $81.00. Litecoin has been trading above this line since the end of February.
On the upside, the initial recovery is limited by $90.00, followed by with SMA50 (Simple Moving Average) and the middle line of 1-hour Bollinger Band 1-hour at $90.60. Once this area is cleared, the upside is likely to gain traction with the next focus on $93.50 ( the middle line of 1-day Bollinger Band).
LTC/USD, 1-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.