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Litecoin LTC Technical Analysis: LTC/USD bears in full control, driving price to the south, after support breach

Litecoin price was trading down some 2% towards the latter stages of Thursday.
A cooling is observed across the crypto market, touted profit taking after the recent price rallies.
LTC/USD moving towards a daily close below key supporting ascending trend line.

Ken Chigbo Independent Analyst

LTC/USD daily chart

Spot rate: 52.90

Relative change: -1.80%

High: 54.66

Low: 52.75

Trend: Bearish

Support 1: 52.78, daily pivot point support.

Support 2: 51.49, daily pivot point support.

Support 3: 49.61, daily pivot point support.

Resistance 1: 54.36, below breached ascending trend line.

Resistance 2: 55.91, daily pivot point resistance.

Resistance 3: 57.83, daily pivot point resistance.

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.

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