Litecoin Deep in the Red

A 5th consecutive day of losses saw Litecoin end the day down 1.95% at $83.37, following Friday’s 12.06% slide, taking Litecoin to a 14.12% loss for the week.

In a relatively range bound day, Litecoin’s intraday high $87.11 at the start of the day and an intraday low $81.59 in the early afternoon left the day’s first major resistance level at $94.45 and first major support level a $77.95 untested, a move back through to $80 levels late in the day the only positive for the bulls, following Friday’s sell-off.

At the time of writing, Litecoin was down 6.25% to $78.01, with the negative sentiment from Friday continuing to grip the markets.

A morning sell-off saw Litecoin fall through the day’s first major support level at $80.94 and second major support level at $78.5 to a morning low $75.7 before a partial recovery, the extended bearish trend formed at early May’s swing hi $182.35 firmly intact.

For the day ahead, a move back through $80 to $84 would support a run at the day’s first major resistance level at $86.46, though sentiment across the broader market will need to see a material improvement for Litecoin to have any chances of a rebound.

Failure to move back through to $80 would likely see Litecoin pullback through the morning’s low to bring the third major support level at $72.98 into play before any recovery.