FX.co ★ Litecoin at Support, what now?

The price of LTC/USD crashed in the short term as the BTC/USD plunged. Bitcoin's deeper drop should force the altcoins to decline lower. Still, after its strong downside movement, we cannot exclude a temporary rebound. It was trading at 84.58 at the time of writing.

LTC/USD dropped by 13.14% from last May 17 to 82.52 today's low. In the last 7 days, LTC/USD is down by 7.51% and by 1.53% in the last 24 hours.

LTC/USD Sell-Off

Technically, LTC/USD found resistance at 94.01, and now it has reached the lower median line which represents a downside obstacle (dynamic support). As long as it stays above this support, the altcoin could turn to the upside again.

The 82.11 former high represents a static support. It remains to see how LTC/USD will react around the immediate downside obstacles.

LTC/USD forecast

False breakdowns below the lower median line (lml) could announce a new leg higher, which could represent the first bullish signal.

A new lower low, dropping and closing below 82.11 activates more declines.