Litecoin Price Analysis: LTC/USD Is Down Over 8% On The Day; Traders Hope To See The Rebound At $100.00

LTC/USD is in a tailspin, bearish sentiments are strong.

• Traders try to stay positive, hoping for rebound.

Litecoin has been living through a horrid week as the price was 25 percent higher when we started Monday trading. The nasty story with LitePay shutdown intensified the sell-off, triggered by overall bearish sentiments of the cryptocurrency market. Traders were spooked by the rumors about Nobuaki Kobayashi selling Bitcoins again. While the information has not been officially confirmed, the mere mentioning of  MtGox trustee's name is enough to switch the market into panic mode. 

Meanwhile, traders hope for a strong rebound once the price reached $100.00. Chats and forums users are speculating about big players manipulating the market to buy LTC once it is cheap enough. It is hard to tell whether it is just wishful thinking or this theory has right to exist. Anyway, a lot of crypto enthusiasts and big investors stay positive on digital assets, forecasting a strong rebound.

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Litecoin price technical picture

LTC/USD touched fresh low at $118.58 before recovering to $120.0. The downside pressure is growing since the price dropped below $130.00 with the market focus now shifted onto February 6 low at $105.31 and $100.00. The immediate support is seen at $130,00, it is followed by $134.00 (50-SMA on the hourly chart) and $140.00.

LTC/USD, the hourly chart