Litecoin price analysis: LTC/USD struggles at $90.00
|- LTC/USD came close to $90.00 amid intense selling pressure.
- The initial resistance is created by $95.00 handle.
At the time of writing, LTC/USD is changing hands at $90.22. despite some range-bound trading, the coin stays under bearish pressure following a strong sell-off from August 5 high reached on the background of Litecoin’s halving. LTC/USD has recovered from the intraday low of $87.52; however, it is still nearly 3% down on a day-on-day basis.
On the intraday charts, LTC/USD is supported by psychological $90.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent intraday low of $87.52 strengthened by the lower line of 4-hour Bollinger Band. The next bearish target awaits us on approach to $83.40 (the lowest level since July 28).
On the upside, the initial recovery is limited by $95.00 with SMA50 (Simple Moving Average) 1-hour located on approach. We will need to see a sustainable move above this handle for the upside to gain traction towards $98.00 (SMA200 4-hour).
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.