Ken Chigbo
Independent Analyst
- LTC/USD takes a large hit on Wednesday, down 10%, as bearish trend continues.
- Litecoin is down over 65% from record highs in 2017, 50% from complete retracement of its 2017 bull run.
The Litecoin price has taken a blow on Wednesday, encountering heavy losses of some 10%, following a small retracement observed at the early part of this week. There was some renewed optimism given the notable pullback across the crypto market, however seeming to have been part of the typical, and that’s a brief break from selling, before more selling.
Litecoin is now down over 65% from the peak record highs seen at the back end of 2017, printed around $370. LTC/USD is now just 50% from a complete retracement of the big bull run gains seen last year.
LTC/USD has much bearish momentum fuelling this move south, the price did as mentioned enjoy a small pullback, not enough steam however to take it back to the ascending trend line, in which it broke out of. The price is currently dipping within a demand zone, between $104-110. A break here, could see the price slip to the $70-80 range in no time.
LTC/USD daily chart
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