Litecoin price analysis: LTC/USD sitting on a key supporting descending trend line, ahead of next move
- Litecoin trading marginally in negative territory, as the price remains in consolidation ahead of next potential upside move.
- Resistance is seen at $161 as price forms bullish pennant pattern, support from $141-150.
The Litecoin price is see down marginally by 0.7% during the early part of trading on Friday, as the price takes a breather on a key trend line. $147 is where the support lies and has proven to keep the price propped up from recent volatility.
A bidding zone can be seen within the $141-150 range, which has been a real helping hand for the bulls, in preventing further downside when the bears are in control. Price action has been relatively subdued over the last few sessions since the decent run higher that had been in play from 11th April.
Technically, LTC/USD upside does look possible given the recent behavior, as seen, typically after a decent run higher, the market observes a period of consolidation before another extended move north typically. Price action within this consolidatory period, has formed a small bullish pennant pattern, which could be the trigger for the next leg higher on the breakout. Resistance is seen currently at $161, with support tracking from $141-150.
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.
