Litecoin price analysis: LTC/USD is tearing through important buying zone, $123 final hope, then $100 it is
- Litecoin down 2.7% on Wednesday, with doors still open to further downside pressure.
- Key supporting zone being broken down from $130-124, then $100 likely to come into play.
The Litecoin price is seen down 2.7% on Wednesday, once again, showing no signs of slowing down within the current bear market. Indicators still point to the downside, with the MACD still firmly below the signal line.
LTC/USD is heading for its third consecutive week in the red, after taking another large blow so far, nursing losses of over 11%. Within the three-week period mentioned, the losses for Litecoin are almost seen at 30%.
Technically, LTC/USD is still susceptible to another drop, as the bears are currently breaking down a very important area of support, which tracks from $124-130, currently at the back end of this. A breach should welcome a test for $100 again and perhaps even a break to the downside from the falling wedge pattern.
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.
