Ken Chigbo
Independent Analyst
- Litecoin enjoying a relief pullback with gains made of 5% during Tuesday’s session.
- Next upside target seen at $143 for Litecoin within its descending channel formation.
The Litecoin price is seen up around 5% on Tuesday, enjoying some time out of the strong bearish momentum, that has been dominating the crypto market over the past few weeks. There isn’t anything on the news front currently driving this pullback, however given the heavy sell off within recent trading, it isn’t too surprising to see such a move.
Litecoin like most of the other altcoins across the board, have received some renewed bidding, over the last two sessions. This isn’t to say the market has come out of the bearish trend, it could very well be some adjusting of positions, before resumption of the path south.
Technically, LTC/USD was caught from falling at the $109 region, where the price was assisted during pressure on 2nd and 6th February. The price has been falling at quite some pace within a descending channel, the next upside resistance is seen at around $143, the upper trend line of the mentioned chart formation.
LTC/USD daily chart
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