How Litcoin Can Handle The Selling pressure
The price of Litcoin has been facing a rise in selling pressure under the $82 mark. Compared to the US dollar there was a drop leading to the $80 and $78 marks.
Over the last few hours, Litcoin price was heading towards the $75 mark leading to a low of $76.Currently, the coin is selling under the $80 support and the 100 hourly simple moving average.
The crypto's price has the potential of consolidating above $76 mark. However, upsides might be sealed. It is key to note that early resistance stands at around the 23.6% Fib retracement mark.
The LTC/USD chart indicates that there is a formation of a new trend accompanied with a resistance of around $79. The $80 mark coincided with the 50% Fib retracement category. This was the last recorded lowest selling point from $82.49 to 76.20. This is an indication that prominent recoveries have chances of hitting the $79 and $80 marks.
From the charts, the $76.20 low recorded is short-term support. If the $75 support is reached, it means that the price might plunge further towards $70.
Generally, the price of Litcoin can lower the pressure on its back, if it moves above the $80 mark.