- Shallow recovery stalled on approach to $97.00.
- No upside is valid as long as the price stays below $100.00.
Litecoin is changing hands at $96.28, off Wednesday’s low reached at $88.69. The 6th largest coin with market value $5.4B dipped below $90.00 threshold for the first time since December 2017. Despite some buying interest, the recovery is losing momentum with $100.00 seems to be out of reach for the time being.
People are getting emotional about the downfall, but there are a lot of holders out there, who believe that eventually, digital assets with go to the proverbial moon.
“You can look at what is, or what will be, and if you want to be one of those people who sell when prices are falling and buys when they’re going up, you probably should get out of markets entirely. Buy an index fund and walk away. Or develop a theory of the case, research it, and stick to it. No red, no green, no ‘feelings’,” one Reddit user comments.
Though, naturally, it is so difficult to weed out an emotional component out of trading, especially when it is speculative by nature.
Litecoin technical picture
Neither short nor longterm picture looks positive as the coin has been moving within a clear downside channel for some time now. The local support is created by 50-SMA (30-min chart) at $94.29, followed by $90.00. If the price moves lower and refreshes this year lows, $70.00 will come into focus. On the upside, $100.00 handle is a must for the bulls if they want to get LTC out of this bearish predicament. Then comes $110.00 (200-SMA, hourly chart) and $130.00
LTC/USD, the hourly chart