Litecoin price analysis: LTC/USD bears breaking of an initial bullish pennant formation set up

Bears make a break through a potential bullish pennant formation on the daily chart.
50 and 100 DMAs in proximity to $200 supporting the price from further downside.

Ken Chigbo Independent Analyst

The Litecoin price is seen nursing losses of around 5% on Tuesday, as the bears remain in firm control, as being the case across the crypto market. Litecoin has continued to consolidate since its big push, back through $200 on 14th February.

Volatility over the past couple of weeks observed in LTC/USD, has been very much low. In comparison to the large movements seen around 2 weeks ago, during the period of hype around Litecoin’s Litepay anticipated announcement.

LTC/USD has formed a bullish pennant pattern as seen clearly on the daily chart. Given the cooling in prices across the board, this has resulted in the daily candle to dip through the lower trend line of the pennant. The downside is currently being supported at both the 50 and 100 DMAs, tracking at the psychological $200 level. A breach here could see a fall a demand zone between $125-150, where the price has been supported on several occasions.

LTC/USD daily 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.

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