Litecoin price analysis: On the verge of breakdown, can the bulls recover?
|- Hourly charts point towards a breakdown.
- If broken, daily charts come to the rescue, but a little far off.
Litecoin bulls have a task at their doorstep - to bounce back as fiercely as it can from the ascending trendline support on the hourly chart, or else the more it remains around it, the more are the chances of the price breaking down.
LTC/USD is now down nearly 5 percent at $163.16 after bouncing back from the lows of $157.44, sightly below the trendline and 200 days SMA, which, if broken and sustained could result in the prices heading all the way to $148-150 mark, which is where bulls might find some respite in the form of long term trendline on the daily chart.
Immediate resistance for LTC now stands around $173 which is also its pivot for the day to change the momentum into positive territory. As long as it remains below it, bears might have an uper hand and the risk of breakdown continues to lurk.
LTC/USD hourly chart:
LTC/USD daily chart:
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