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

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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