LTC/USD resumes the decline, bears target at $64.00

  • LTC/USD has lost nearly 10% of its value in recent 24 hours.
  • At the time of writing, the coin is moving within the short-term downside channel.

Litecoin resumed the decline after a short period of consolidation. The fifth-largest digital asset with the current market value of $4.2 billion, has lost nearly 10% of its value in recent 24 hours. Litecoin’s collapse was triggered mostly by technical factors; however, the news that China denied state-backed cryptocurrency launch in November migh have served as a fundamental factor behind the sell-off on the market. At the time of writing, LTTC/USD is changing hands at $65.96.

Litecoin’s technical picture

Looking technically, LTC/USD is hovering around $66.00 handle. If we see a sustainable move below this barrier for the sell-off may gain traction with the next focus on Monday’s low registered at  $64.04. Thus support area is likely to stop the decline; however, once it is cleared, the price may collapse all the way down to $60.00.

On the upside, we will need to see a sustainable move above the middle line of one-hour Bollinger Band at $67.65 to mitigate the initial bearish pressure. This barrier is followed by psychological $70.00 and SMA50 (Simple Moving Average) one hour and the upper line of one-hour Bollinger Band at $70.50. The next resistance is created by SMA100 (Simple Moving Average) one-hour at $72.00.

LTC/USD, one-hour chart

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