- Litecoin hit the lowest level in more than a month.
- The recovery above $100.00 mitigated the initial bearish pressure.
Litecoin (LTC) has experienced a sharp sell-off during early Asian hours. A strong move below psychological $100.00 increased the selling pressure and pushed the price of the fifth largest digital asset to $95.00, which is the lowest level since May 24.
At the time of writing, LTC/USD is changing hands at $102.1. The cryptocurrency managed to regain some ground, but it is still nursing losses both on a day-on-day basis and since the beginning of Thursday (14% and 6.6% respectively).
If the price settles above the critical $100, the recovery may be extended towards $108.30. This area served as an upside boundary of the consolidation channel after the previous bearish leg. Once it is cleared, LTC/USD will proceed to $110,00 and, potentially, $115.40 (SMA50 – Simple Moving Average – on 1-hour chart).
On the downside, $100.00 should provide a floor for the coin. However, another move below this handle will increase the downside pressure and may push the price to the intraday low, followed by the next critical support at $90.00.
LTC/USD, 1-hour chart