Litecoin price analysis: LTC/USD bears eyeing another drop to $100, as price is contained by pennant pattern on the daily
|- LTC/USD down over 3.5% on Monday, as the price remains dictated by a pennant pattern.
- Current momentum is to the downside, bears will be eyeing $100 again for Litecoin.
The Litecoin price is firmly in negative territory on Monday, down 3.5%, moving in-line with the further cooling in crypto prices across the board. Momentum over the past weeks has been to the downside, with bears looking at a south target of $100 once again, after the bulls failed to sustain upside pressure.
LTC/USD price action is currently being dictated and contained, by the upper trend line of a pennant formation. Litecoin managed to breakout higher from this on 2nd May, which at the time looked promising for bullish upside. However, the price came back under pressure not too long after, on 9th May, falling back below and within the pennant pattern.
As pressure looks firm to the downside, with the bears in control across the crypto market wide, LTC/USD could potentially be in for another move back towards $100 mark. In proximity sees the underlying trend line of the mentioned pattern, an exposure of this support could be punishing, with the late 2017 gains coming under threat again. Resistance remains tough for now at $140 in the near-term, a break higher could then see the mid $160 range come into play, where sellers also wait.
LTC/USD daily chart
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