Litecoin (LTC) Price Analysis: the sellers have returned, LTC/USD smashed critical near-term support
- Litecoin price down a big 6%, inline with the heavy selling pressure seen across the market.
- LTC/USD breaks out from a supporting ascending trend line, that has been in play since the start of the week.
Litecoin price is seen down a chunky 6.6% into the session on Friday, moving inline with the general market pressure observed with cryptocurrencies. Sellers are looking to press for another week of losses, to continue to current downside run.
LTC/USD was being supported to the upside by an ascending trend line, which has been in play since 25th November. The bears managed to pierce a hole in this support, opening the gate to another way of sellers.
Given the above-mentioned breach, next support will be eyed at the $31.00 figure. Further south, a drop below $30 would likely come into play if the previous area does not hold, some demand is seen between $29-28. Lastly, the start of the week’s upside trend levels, seen mid $26 region, could then come under threat.
LTC/USD 60-minute chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
