LTC/USD further weakened on Wednesday and hit a fresh low 3.76 levels. It is currently trading at 3.79 levels (BTC-e).

Short-term trend: Bearish

Ichimoku analysis of daily chart:

Tenkan Sen: 3.81

Kijun Sen: 3.88

Trend reversal: 3.89 (90 EMA)

“The pair has failed to break above the Ichimoku cloud and has taken support near 3.75 levels. A break below would see a further downtrend in LTC/USD”, FxWirePro said in a statement.

On the upside, major resistance is seen at 3.85 levels (200-day MA) and a break above would see a small jump till 3.89 levels (90 EMA). Further strength would see the pair testing 4.01 levels (100 DMA). On the other hand, a break below 3.75 would target 3.50 (psychological level)/ 3.22 (August 02 low).

In a recent tweet, Andrew Vegetabile, Litecoin Association Director, hinted at some “pretty cool news” to be announced for Litecoin.