Ken Chigbo
Independent Analyst
- Litecoin is knocked back by resistance that plagues within $122-123 area.
- To the downside, $120 is a key level of support, should bull momentum run through above resistance, $125 and then $130 should come back into play.
The Litecoin price failed to progress on Thursday, with a resumption of stagnation for LTC/USD being observed the past couple of sessions. Given the pressure being back on to the downside, eyes will be on a key level of $120 to support the price.
After the drop for LTC/USD seen on the 3rd June, currently the highs so far for the month at $129.86, price action has been forming an ascending channel pattern. Making a move from $115 up to recent highs in the session on Thursday at $123.97.
Technically, LTC/USD is still vulnerable to domination from the bears, given the rejection that remains evident within the range of $122-123. This has forced eyed to focus on $120, which is the lower trend line of the ascending channel pattern, should this fail to hold, there could be a fast drop down to 30th May lows, $$114.46. On the flipside, a decent bounce of the mentioned support, will see a re-test of the supply zone, a clearance would open $125, upper part of channel, then $130 in no time.
LTC/USD 60-minute chart
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