Litecoin Price Analysis: LTC/USD doesn't have the momentum behind bull move for now

Litecoin price was seen holding trading broadly flat through the mid part of Monday's session.
LTC/USD managed to catch a bid, after initially being firmly on the back foot at the start of Monday.
Any bull move currently is struggling to sustain upside momentum, near-term resistance to strong for now.

Ken Chigbo Independent Analyst

Litecoin price through the mid point of Monday's session was trading broadly flat, after starting the day initially under selling pressure. LTC/USD managing to find buyers within the mid-$50 region, a known buying area.

LTC/USD upside momentum continues to be unsustainable for now, as price once again runs into near-term supply area. During the session on Sunday 12th November, upside was seen, printing a high within the mid-$51 region, but sellers pilled in to send price back south.

Technically, the bulls must break above the mentioned resistance, seen from within the mid-$51 region. Should this be breached, it could open the door for a fast return back towards the $55 territory. The price was last seen here on 7th November. A breach of the support seen at the psychological $50 area, could see a fast move south, back down to $47, double bottom area seen 29 and 31st October.

LTC/USD 60-minute 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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