Litecoin Technical Analysis: LTC/USD recovers from a massive 56% flash crash on Bitstamp
- LTC/USD has been trading sideways for the past week.
- The digital asset dropped to $20 within one minute and recovered in the next.
- The drop was felt on most exchanges but it was only deep on Bitstamp.
Litecoin has been trading sideways for quite some time like the rest of the cryptocurrency market. The digital asset started trading at $46.5 today on June 9 and reached a high of $46.88 right before the massive flash crash that took it down to $20.
The move only lasted two minutes and Litecoin recovered to its original price. The cause of this massive crash was most likely someone selling a big amount of Litecoin destroying the order book on Bitstamp. The move was notable enough to move LTC/USD on other exchanges as well.
LTC/USD daily chart
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The daily chart of Litecoin looks quite ridiculous on Bitstamp after the flash crash which took out basically all the support levels set during the pandemic. Ignoring the recent event, Litecoin is still trading sideways but defending the daily 12-EMA, currently at $46.23. Litecoin also seems to be inside a daily equilibrium pattern.
LTC/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
