Litecoin price analysis: LTC/USD on the verge of the abyss, but crypto evangelists don’t lose hope

  • LTC/USD is down 5% in recent 24 hours.
  • $100 may be at risk if the coin fails to move about critical technical level.

Litecoin is changing hands at $106.97, off Sunday’s low reached at $102.87. The 6th largest coin with market value $6.1B lost 5% in recent 24 hours with biggest trading volume registered at OKEx against USDT and BTC. 

Some experts believe that practical use of Litecoin as a means of payment for everyday goods will foster its mass adoption and provide a good catalyst for Litecoin growth.

“Poised on the brink of greatness, Litecoin is preparing for a breathtaking moon shot. Dubbed ‘the rock’ at times, this clone of Bitcoin has shown incredible market resilience and price inertia. Pegged at 84 million coins, Litecoin is four times faster than Bitcoin and has four times the supply. In other words, Bitcoin is to gold what Litecoin is to silver,” he explained.

Litecoin technical picture

Neither short nor longterm picture looks positive. The coin broke below the lower line fo triangular pattern, currently at $113.45. If the coin fails to reclaim this level, the bearish pressure may intensify to take it all the way down to February 2 low at $101.00. The next target is the psychological $100.00 handle and December 8 low at $90.00. On the upside, the journey to $134.45 may be blocked by $108.50 (Asian high) and $112.43 (50-SMA, hourly chart)

LTC/USD, the hourly chart

 

 

 


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