Ken Chigbo
Independent Analyst
- Litecoin down over 7% on Tuesday, set to test key supporting trend line, tracking at $135.
- LTC/USD is down over 60% from its highs in December 2017 and around 40% from a complete retracement of its bullish run.
The Litecoin price is a clear underperformer in Tuesday’s session, nursing losses of over 7%, set to test a very key area of support at $135. Across the crypto market, selling pressure continues to be the case, without any signs of a slow down of this downside action.
LTC/USD is down over 60% from the peak highs printed in December 2017, around the $370 mark, before entering a strong bearish trend. The price is just around 40% from a complete retracement of its bullish advance seen last year.
Technically, as mentioned, the key area of support is eyed at $135, that will be the next downside target. A breach here will likely see 6th February lows tested quickly, at $105. Should some life come back to the bulls, resistance is tracking at the $170 zone.
LTC/USD daily chart
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