ANALYSIS:Litecoin price analysis: LTC/USD resumes sell-off, comes close to $117.00
- LTC/USD has broken below $120.00 and extended the sell-off.
- The next support is created by trendline at $113.50.
Litecoin bumped into strong resistance on approach to $125.00 and resumed the downside amid the growing selling pressure across the board. At the time of writing, LTC/USD is changing hands at $118.00. off the intraday low of $117.19.
The initial technical barrier is created by $120.00. This level is strengthened by SMA50 (Simple Moving Average) on the 15-min chart and SMA100 on the 1-hour chart. Once it is cleared, the upside is likely to gain traction with the next focus on $121.00 (SMA200, 15-min, SMA50 1-hour) and $121.50 (SMA200 1-hour). The ultimate short-term barrier awaits at $125.00.
On the downside, the initial support is created $113.50(the short-term upside trendline). Once it is broken, the sell-off is likely to gain traction with the next focus on the recent low of $112.25.