LTC/USD revisits $90 key support

Fibo Quantum

  • Litecoin buyers must fight to defend $90 support to avoid further breakdown.
  • A weak bullish trend is building above the support with all eyes set on $95.

Litecoin’s value continued to thin under $100 amid rising selling pressure across the board. Bitcoin made a temporary dive under $10,000 while Ethereum tested the support at $210. The declines come after digital assets opened the week’s trading fairly stable.

As covered by FXStreet, the recovery from the lows around $77.50 failed to break the resistance at $105 paving the way for declines under $100. There has been a correction below the moving averages further giving the price a push below the broken support at $90.

At press time, Litecoin is trading at $91.50 after defending the key support at $90. A weak bullish trend is building above the support with the next target set on $95 and later the critical level at $100.

The technical picture shows Litecoin having a bearish bias owing to the fact that the stochastic oscillator has dipped into the oversold after the retreat from 57.5. Besides, the Moving Average Convergence Divergence (MACD) is moving sideways after it crossed onto the negative side yesterday. It is essential the buyers keep the price above $90 otherwise Litecoin is still in danger of correction towards July lows.

LTC/USD 1-h chart