Litecoin price analysis: LTC/USD rockets over 5% in 1 hour during afternoon trading on Thursday

Litecoin jumps over 5% within an hour, during afternoon trading on Thursday.
Should the bears reapply pressure, the next big downside target would be the $100 mark.

Ken Chigbo Independent Analyst

The Litecoin price is seen up 2.5% through the mid-point of the trading session on Thursday, after starting the day soft. Across the board, cryptocurrencies have observed a decent bounce from their respective lows.

LTC/USD is trading within a third consecutive week of losses, dropping over 30% within this period. It isn’t too surprising observing the bears taking a break, from the pressure the large pressure they recently have exerted.

A big downside target for the bears would naturally next be $100, which is in proximity to the lower part of the falling wedge pattern seen. If this short-term bullish move seen in the session on Thursday is sustainable, then there isn’t much resistance seen until $150 and then the mid $160 region.

LTC/USD weekly 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.

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