Ken Chigbo
Independent Analyst
- LTC/USD down over 3.5% on Monday, as the price remains dictated by a pennant pattern.
- Current momentum is to the downside, bears will be eyeing $100 again for Litecoin.
The Litecoin price is firmly in negative territory on Monday, down 3.5%, moving in-line with the further cooling in crypto prices across the board. Momentum over the past weeks has been to the downside, with bears looking at a south target of $100 once again, after the bulls failed to sustain upside pressure.
LTC/USD price action is currently being dictated and contained, by the upper trend line of a pennant formation. Litecoin managed to breakout higher from this on 2nd May, which at the time looked promising for bullish upside. However, the price came back under pressure not too long after, on 9th May, falling back below and within the pennant pattern.
As pressure looks firm to the downside, with the bears in control across the crypto market wide, LTC/USD could potentially be in for another move back towards $100 mark. In proximity sees the underlying trend line of the mentioned pattern, an exposure of this support could be punishing, with the late 2017 gains coming under threat again. Resistance remains tough for now at $140 in the near-term, a break higher could then see the mid $160 range come into play, where sellers also wait.
LTC/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?