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Litecoin Technical Analysis: Ltc/usd Recovers From A Massive 56% Flash Crash On Bitstamp

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LTC/USD has been trading sideways for the past week. The digital asset dropped to $20 within one minute and recovered in the next.  The drop was felt on most exchanges but it was only deep on Bitstamp. Litecoin has been trading sideways for quite some time like the rest of the cryptocurrency market. The digital asset started trading at $46.5 today on June 9 and reached a high of $46.88 right before the massive flash crash that took it down to $20. 

The move only lasted two minutes and Litecoin recovered to its original price. The cause of this massive crash was most likely someone selling a big amount of Litecoin destroying the order book on Bitstamp. The move was notable enough to move LTC/USD on other exchanges as well. 

LTC/USD daily chart

The daily chart of Litecoin looks quite ridiculous on Bitstamp after the flash crash which took out basically all the support levels set during the pandemic. Ignoring the recent event, Litecoin is still trading sideways but defending the daily 12-EMA, currently at $46.23. Litecoin also seems to be inside a daily equilibrium pattern.

LTC/USD technical levels

LTC/USD

Overview Today last price 46.1462 Today Daily Change -0.3265 Today Daily Change % -0.70 Today daily open 46.4727

Trends Daily SMA20 45.2159 Daily SMA50 44.9691 Daily SMA100 44.2378 Daily SMA200 49.617

Levels Previous Daily High 46.7569 Previous Daily Low 45.9868 Previous Weekly High 49.9214 Previous Weekly Low 44.5477 Previous Monthly High 50.0012 Previous Monthly Low 39.3673 Daily Fibonacci 38.2% 46.281 Daily Fibonacci 61.8% 46.4627 Daily Pivot Point S1 46.054 Daily Pivot Point S2 45.6353 Daily Pivot Point S3 45.2839 Daily Pivot Point R1 46.8241 Daily Pivot Point R2 47.1756 Daily Pivot Point R3 47.5942

Source: https://www.fxstreet.com/cryptocurrencies/news/litecoin-technical-analysis-ltc-usd-recovers-from-a-massive-56-flash-crash-on-bitstamp-202006091445

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