Litecoin price analysis: LTC/USD on its final legs before looking set to give way and return back to $100
- Litecoin trading down again on Tuesday, losses seen of 2%, in lock-step with the crypto selling.
- Next downside target for LTC/USD is eyed at the psycological $100 mark, last traded here on 9th December.
The Litecoin price has come under further selling pressure on Tuesday, as the bears continue to dominate price action across the cryptocurrency market this week. LTC/USD has dropped over 5% this trading week already, moving in lock-step with the other major altcoins.
LTC/USD firmly on the back foot, after respecting the above trend line, as part of the pennant pattern seen on the daily time frame. Given previous behavior around current levels,there doesn't appear to be much in the way of $100.
Looking technically, there is a soft buying area seen tracking from $122-131, which if broken, can see Litecoin falling to the underlying trend line of the pennant. This would be in proximity to the $100 level, The last time Litecoin traded at the psychological level was back on the 8th December 2017.
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.
