Litecoin Price Analysis: LTC/USD critical support tested
- Litecoin took a beating on Thursday, nursing chunky losses of around 5% late in the session.
- A critical near-term demand zone is being tested at present by the bears, $50-48 range.
Litecoin price on Thursday was hammered around 5%, after much of the recent upside bullish momentum ran out of steam. XRP/USD had been making solid ground of recovery from 8th February, gaining as much as 50% up to 20th February.
LTC/USD price action is testing a critical area of support, which can be seen tracking from $50 mark, down to $48. A failure to hold this could open the door to a further wave of selling pressure from the mark bears.
Looking deeper to the downside, should the bears force a breach of above near-term demand area, then a complete reversal of the latest bull run could be seen. Eyes will be on the daily range territory seen prior to this recent push north. This could seen LTC/USD trading back down around $30 territory.
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.
