Litecoin price analysis: LTC/USD plunges 11% on Thursday 11

Litecoin, a recent leader has become the biggest double-digit loser on the market. LTC/USD is down 10% on Thursday the amid growing bear pressure. Following the rejection from $100, Litecoin traded lower highs and lower lows until it found short-term support at $85.00.

The buyers, however, pushed for gains above the trendline yesterday where Litecoin tested at $90.00. The bullish momentum lost steam allowing the bears to take over. The trend reversed below both the 50 SMA 2-hour and 100 SMA 2-hour. The drop continued below $85.00 and the next support target at $80.00.

At the moment, Litecoin bulls appear to have found bearing at $77.00 paving the way for a weak bearish momentum. LTC/USD currently changes hands at $79.28. It could break above $80.00 and reverse the trend according to various technical indicators. The Relative Strength Index (RSI) is revamping the trend upwards from the lows at 23.52. A break above 30.00 is required to confirm the reversal in the trend. Otherwise, the MACD is still slopping downwards to show that the bear pressure is still present.

LTC/USD 1-hour chart