LTC/USD turned red and plunged to 5.00 levels before recovering to 5.23 levels at the time of writing. It had hit a high of 5.65 levels earlier in the day.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 5.12

Kijun-Sen level: 4.76

Trend reversal level - (90 day EMA) – 4.05

Long-term trend remains bullish and the pair is likely to face resistance at 5.69 levels (161.8% retracement of 5.35 and 4.83). Any break above this level will see the pair reaching 6.06 levels (1.618% retracement of 5.65 and 5).

On the downside, support is seen at 5.15 levels (23.6% retracement of 3.60 and 5.65) and any violation will drag the pair to 4.83 levels (June 14 low).