Ken Chigbo
Independent Analyst
- LTC/USD up 3.5% as price remains supported by ascending trend line, running from back end of 2017.
- Next target is eyed at 50 DMA, $182 and then are return to $200 region.
The Litecoin price is seen up 3.5% during late trading on Tuesday, continuing its mission to cover the heavy losses over the past couple of weeks. The price firmly bounced off an ascending trend line, running from the back end of 2017, support tracking at $139, where LTC/USD also received help from the 200 DMA.
LTC/USD is still trading down over 50% from the highs in December 2017, around $370. The market is very much choppy, however, over the longer time frame, the price is still clearly in a down trend for the time being.
Technically, LTC/USD is approaching the 50 DMA, tracking at $182, it will be decisive to see how the price responds to this. A break to the upside, should re-invite the $200 region, where the price last hit firm resistance to continue a downtrend, towards the back end of February. Support for now is evident at the ascending trend line and 200 DMA, $139.
LTC/USD daily chart
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