- Bullish pennant pattern formed on the daily time frame, pending breakout higher.
- Next resistance levels seen at 50 DMA, $185 and then $195.
The Litecoin price is seen nursing losses of 3% on Friday, as has been the case for the whole week, managing consecutive losses. Another week finishing in negative territory, as the crypto market wide bearish trend continues.
Within recent trading Litecoin has bounced of a key supporting area seen at $160, this has proven to be strong, during these turbulent times. Sentiment remains on the bearish side, with a lack of positive news flow to drive the price higher for now.
Technically, LTC/USD has formed a bullish pennant seen on the daily time frame, the price took a boost after being supported well by $160, which is also the bottom trend line of the pennant pattern. Next resistance is now seen at the 50 DMA, $185 and then the upper trend line of the pennant, $195.
LTC/USD daily chart
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