LTC/EUR is seen trading above on Wednesday after the plunge. The pair has slightly recovered from the low of 3.1570 levels (BTCE). It is currently trading around 3.250 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 3.317

Kijun-Sen level: 3.345

Trend reversal level - (90 days MA) - 3.605

Long- term trend remains to be neutral. In a daily chart, LTC/EUR is trading well below 200-day MA. So a decline till 2.90 is possible.

Major resistance is seen at 3.38 (200 days EMA) and any break above targets 3.605 (90 days EMA)/3.78 (100 day MA). Short-term support can be noticed at 2.90 (Aug 2nd low) and any violation below will drag the pair till 2.76 (161.8% retracement of 3.04 and 4.145)/2.63.