Ken Chigbo
Independent Analyst
- Litecoin comes under further attack by the bears, as price trades three consecutive weeks in the red.
- Near-term support seen from $106-115, if breached, bears will likely eye $100.
The Litecoin price suffering a resumption of an attack for the market bears, trading down over 4% on Friday, as it extends on losses for the week. There was a brief pause observed across the market on Thursday from the selling, however proving to be very much short-lived.
LTC/USD has traded three consecutive weeks within negative territory, making it the longest run of weekly losses seen since September 2017. This week alone Litecoin has dropped almost 20% and within the past three weeks, it has tanked 40%.
Technically, the price is entering a bidding zone, which tracks from $106-115, there is plenty of opportunity to see falling Litecoin value caught within the near term. However, despite the last statement, given the number of times this area has been penetrated previously, it wouldn’t be surprising if this region was breached, with the bears eyeing 100. Resistance is just above between the mid $120s to early $130 territory.
LTC/USD daily chart
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