Ken Chigbo
Independent Analyst
- Litecoin downside pressure is picked up again by the market bears, slammed 3% on Monday.
- Price entering very key area $112-106, caught during big February sell-off and April lows.
The Litecoin price has resumed downside pressure on Monday, after price action was stagnant for the past few days, particularly over the weekend. The bears have awoken again, to stretch out the loosing streak for the cryptocurrency market.
LTC/USD has dropped into another bidding zone, after the last failed to provide any assistance in propping Litecoin up. This current downside is seeing the price at its lowest levels seen since mid-April.
Technically, Litecoin is vulnerable to making a move back to sub-$100 mark, with no signs of an escape from the bears paws for now. Should there be a breach of the supporting zone, $112-106, which is a key area as the price was caught during the February and April sell-offs, then expect the possibility of a move below $100. Eyes would then be on a move towards the next demand area within the mid-$80 region. Resistance seen back within the early to mid $120s.
LTC/USD daily chart
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