Litecoin price analysis: LTC/USD failed to break free from a potentially punishing range
- Litecoin late on Monday is nursing losses of some 0.4%, as the bears sell Monday’s rally.
- LTC/USD price action continues to move within a bearish pennant structure.
The Litecoin price on Tuesday is nursing minor losses of some 0.40%, towards the latter part of the session. Market bulls failed to follow through on the upside momentum that was observed on Monday.
LTC/USD was showing a glimmer of hope with the bullish price action in the prior session, however, did not manage to carry through into Tuesday. As a result, the price has fallen back within the narrow daily range seen over the last six sessions.
Upside can be seen capped by resistance ahead of $60, a chunky barrier at $58, which has limited to the price within the noted period. LTC/USD is moving within a bearish pennant, which is subject to potential downside risks. Immediate support is tracking at $54, the lower acting trend line.
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.
