Litecoin LTC/USD heading fast back towards vital near-term support
|- Litecoin price nursing chunky losses on Wednesday, down some 4.5%, well into the second half of the session.
- LTC/USD bears are gunning towards a vital area of support, ascending trend line,
Litecoin price is seen heavily weighted to the downside in the second half of the session on Wednesday. Nursing chunky losses of some 4.5%, inline with a broad cooling observed across the cryptocurrency market.
LTC/USD ran into some sellers at the session highs, it could very well be profit-taking. Following the big run of gains seen over the past few sessions. Market players swooping in to cash in on the recent run, isn’t too surprising, given to burst higher in such a short space of time.
Eyes are now locked in on the ascending trend line, which has been running from 29th October, to see if it can catch the falling price. The support for LTC/USD is immediately eyed at $52.50, any failure to hold, could see a fast move back down the where the bull run started on 31st October. A downside target as deep as $47.75.
LTC/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.