Litecoin LTC LTCUSD 22 Jun 2018
LTCUSD is down by 3% amid global crypto sell-off ahead on weekend. Will the price recover from this area and stop the downside? What does the following 22 June Litecoin Price Fundamental Forecast reveal?
22 June, GKFX – Litecoin is changing hands at $94.00, down nearly 4% on daily basis amid global cryptocurrency sell-off. Litecoin's market value is registered at $5.4B with average trading volume at $312M.
Despite a noticeable drop, LTCUSD continues moving within the short-term horisontal channel with the support at $93.00. The price is likely to recover from this area as new buyers will join the game and stop the downside. However, once it is broken, the selling pressure may intensify and take the coin all the way down to psychological $90.0 and $88.69, which is the lowest point reached on June 13.
Litecoin is moving in lockstep with other major coins, and while the fundamental reasons of the recent sell-off are not readily available, speculative sentiments and short-term positioning ahead of the weekend may partially explain the downside.
LTCUSD is down nearly 60% since the start of the year, but it is still 120% higher on year-on-year basis.
LTCUSD, the hourly chart
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