Litecoin (LTC) price analysis: LTC/USD hovers below $70.00, more sell-off is possible

The 6th largest coin is one of the worst-performing coins on Monday.
LTC/USD needs to clear $71.00 to extend the recovery.

Litecoin (LTC) peaked at $99.47 on April 3 and has been moving down ever since. At the time of writing, the 6th largest digital asset with the current market value of $4.3 billion is changing hands at $69.27, down over 3% on a day-on-day basis. The coin has lost nearly 9% in recent 7 days and over 30% from the above-said peak.

On the intraday charts, the price is moving within a range limited by the recent low of $68.35 on the downside and psychological $70.00 on the upside. If the above-mentioned resistance is cleared, the upside momentum will gain traction with the next focus on $71.00 created by SMA50 (1-hour). It is followed by SMA100 at $71.85. Meanwhile, the critical barrier is created by a confluence of 61.8% Fibo retracement and the sloping trendline from April 3 peak at $75.00.

On the downside, a sustainable move below $68.35 increase the bearish pressure with the next aim at $60.00, followed by DMA100 currently at $56.60.

Considering that the intraday Relative Strength Index has turned downwards, we may suggest that LTC has not exhausted it downside potential as yet.

LTC/USD, 1-hour chart

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.