Ken Chigbo
Independent Analyst
- LTC/USD is testing a very key ascending trend line and 200DMA, $141.
- Downside targets are eyed at low as $95, pre-bull run levels in 2017.
The Litecoin price is seen trading down with heavy losses of 8.5% on Monday, extending on its losses it has encountered over the last few trading weeks. Across the crypto market there is clearly much ‘FUD’, a lack of commitment to change current bearish trend.
Since the sell off from the records highs in December around $370, the price action has formed a symmetrical triangle pattern, in which Litecoin has respected and traded within to this date. On several occasions it has tried to break out of this, to come out of the falling trend, however it has been knocked back each time.
Technically, LTC/USD on the daily view is testing a very key supporting trend line, running from the back-end of 2017, also in proximity the 200 DMA, currently supporting the price. Should it breach these area, it could expose Litecoin to some large downside, initially to $95, the level prior to the big bull run of 2017. Should there be some relief to the upside, resistance is currently tracking at $180.
LTC/USD daily chart
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