LTC/USD pushes back under $113.00 amid downside correction

Fibo Quantum

  • LTC/USD has been rangebound with a bearish bias on Monday.
  • The initial support is created by psychological $110.00.

Litecoin (LTC) has been pretty slow lately. The 6th largest coin with the current market capitalization of $7.1 billion has gained nearly 1.5% of its value in recent 24 hours and stayed unchanged from the beginning of Monday amid low trading activity. LTC is most actively traded against BTC on  Estonian cryptocurrency exchange P2PB2B. The coin attempted a move above $116.00 during early Asian hours and retreated to $112.80 by the time of writing. 

Litecoin’s technical picture

On the intraday charts, the price came close to the local support created by SMA50 (Simple Moving Average) on 4-hour chart at $112.60. Once it is cleared, the downside momentum is likely to gain traction with the next focus on psychological $110.00 followed by SMA100 (4-hour) at $102.00 and critical $100.00 This area will attract new buyers stop the sell-off.

On the upside, the initial barrier is created by $115.00, followed by May 30 high at $120.00. A sustainable move above this level will take us to May 27 high at $122.03, while the further upside might create a strong stimulus for growth towards $130.00

LTC/USD, 4-hour chart