Litecoin: Make or break here

LTC at a long-term critical support level.
Lost more than 90 pct from the top.

Manoj B Rawal Independent Analyst

Litecoin has reached a key level on the long-term chart where, if broken, bulls will have to give any hopes (if any hopes were left that is) of any meaningful bounce in the near future.

LTC/USD is down nearly 3 percent on the day at $28.326 after bouncing a bit from day's low. On the daily chart, LTC has reached a critical support level of a descending trendline and is sitting exactly on the top of it, which if broken, would result in bulls dying for the rest of the year.

This comes after LTC has already lost more than 90 percent of its value from the peak last year.

LTC/USD daily chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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