- LTC/USD came close to $90.00 amid intense selling pressure.
- The initial resistance is created by $95.00 handle.
At the time of writing, LTC/USD is changing hands at $90.22. despite some range-bound trading, the coin stays under bearish pressure following a strong sell-off from August 5 high reached on the background of Litecoin’s halving. LTC/USD has recovered from the intraday low of $87.52; however, it is still nearly 3% down on a day-on-day basis.
On the intraday charts, LTC/USD is supported by psychological $90.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent intraday low of $87.52 strengthened by the lower line of 4-hour Bollinger Band. The next bearish target awaits us on approach to $83.40 (the lowest level since July 28).
On the upside, the initial recovery is limited by $95.00 with SMA50 (Simple Moving Average) 1-hour located on approach. We will need to see a sustainable move above this handle for the upside to gain traction towards $98.00 (SMA200 4-hour).