Litecoin Price Analysis: LTC/USD must break $40 and hold above to avoid another steep fall

Litecoin price is trading in positive territory by 3.55% in the session on Thursday.
LTC/USD at present is edging towards another day in the green, which would mark the fourth.
The price continues to be limited to the upside by the barrier at the psychological $40 mark.

Ken Chigbo Independent Analyst

LTC/USD daily chart

Price action remains within the confinements of a bearish pennant structure via the daily chart view.

LTC/USD 60-minute chart

The price was able to shoot higher late on Wednesday, after breaking out from a descending channel structure. Price action is further extending north, following pennant breakout.

Spot rate: 40.65

Relative change: +3.55%

High: 40.75

Low: 39.16

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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