Litecoin Technical Analysis: LTC/USD tanks over 7% on Wednesday, price moving within a fast channel to the south
|- Litecoin has taken a further beating on Wednesday, losing 7%, as the price again firmly gives up $100 territory.
- LTC/USD is bouncing within a fast descending channel pattern, with lack of slowdown in sight for now.
- Demand zone seen tracking from $90.50 down to $83, which is near-term potential hope for Litecoin.
LTC/USD 30-minute chart
Spot rate: 92.95
Relative change: -6.90%
High: 100.33
Low: 92.28
Trend: Bearish
Support 1: 91.95, lower trend line of channel.
Support 2: 90.50, demand zone.
Support 3: 89.05, 8th December low.
Resistance 1: 96.85, upper trend line of channel.
Resistance 2: 98.61, 50MA.
Resistance 3: 102.00, 100MA & supply zone entry.
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