Litecoin price analysis: LTC/USD in retreat after a failed attempt to break above $100.00
- LTC/USD has retreated from the recent high of $105.95.
- More sell-off ahead as the bearish sentiments gaining strenth.
Having failed to settle above $100.00, Litecoin (LTC) retreated to $94.42 by the time of writing. The fourth-largest digital asset with the current market capitalization of $5.9 billion has lost nearly 5% since this time on Monday and stayed mostly unchanged since the beginning of the day.
Litecoin's technical picture
On the intraday charts, LTC/USD is initially supported by SMA50 (Simple Moving Average) on 4-hour chart and SMA200 on the 1-hour chart (currently at $93.50). This barrier is likely to slow down the sell-off; however, once it is out of the way, psychological $90.00 followed by 50.0% Fibo retracements for the upside move from $22.88 low ($84.65) will come into focus. Another strong support awaits us at $76.62 (the recent low) and $76.50 (SMA200 daily). Once below, the sell-off may be extended towards 61.8% Fibo retracement at $70.00.
On the upside, $100.00 remains the key for an extended recovery. We will need to see a sustainable move above this barrier for the upside momentum to gain traction with the next focus on $102.50 (SMA100, daily) and $105.95 (recovery high reached on July 20). The next strong barrier created by $117.5 (23.6% Fibo retracements). This area is strengthened by SMA50 daily located at $118.00. The initial resistance is created by psychological $120.00.
LTC/USD, 1-day chart
Author
Tanya Abrosimova
Independent Analyst
