Litecoin LTC/USD heading fast back towards vital near-term support
- Litecoin price nursing chunky losses on Wednesday, down some 4.5%, well into the second half of the session.
- LTC/USD bears are gunning towards a vital area of support, ascending trend line,
Litecoin price is seen heavily weighted to the downside in the second half of the session on Wednesday. Nursing chunky losses of some 4.5%, inline with a broad cooling observed across the cryptocurrency market.
LTC/USD ran into some sellers at the session highs, it could very well be profit-taking. Following the big run of gains seen over the past few sessions. Market players swooping in to cash in on the recent run, isn’t too surprising, given to burst higher in such a short space of time.
Eyes are now locked in on the ascending trend line, which has been running from 29th October, to see if it can catch the falling price. The support for LTC/USD is immediately eyed at $52.50, any failure to hold, could see a fast move back down the where the bull run started on 31st October. A downside target as deep as $47.75.
LTC/USD 4-hour 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.
