Market Correction

The correction continues in the market, with all top 10 coins in the red zone, according to CoinMarketCap.

LTC/USD

Litecoin (LTC) has seen a price drop of 9% over the last 24 hours. On the hourly chart, LTC is situated midway within a local channel, bounded by support at $106.08 and resistance at $117.32.

As most of the daily Average True Range (ATR) has already been covered, the likelihood of sharp movements by tomorrow is low.

On the larger time scale, attention should be directed towards the nearest level of $111.33. If a false breakout occurs, buyers may experience a local bounce back towards the $115-$120 range.

From a midterm perspective, neither side dominates. Here, focus should be on the vital zone of $100. A breakout below this level could lead to a test of support around $91.62.

Currently, Litecoin is trading at $111.85.