Litecoin price analysis: There's a problem - Breakout fading away
|- LTC broke out on the long term, few days ago.
- Momentum still lacking, failure likely.
Litecoin the cryptocurrency that broke out on the long term chart about 10 days ago, has not yet been able to sustainably move higher to cross past certain levels that could be termed as a confirmed long term breakout.
LTC/USD is down more than 2 percent on day at $59.90, at the lowest point of the day so far. On the daily chart, the crypto broke out of a descending trendline on September 19 and all it needed was a little more push from the bulls to take it past the $68-70 zone which hasn't yet happened.
If LTC remains subdued for a few more days around these levels, chances are it may eventually go lower and below the breakout point itself. Major support exists around $57 in the form of 21 days SMA.
LTC/USD daily 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.