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Litecoin technical analysis: LTC/USD bears are hunting for psychological $50 mark

  • Litecoin price is nursing losses in the session down over 2% towards the latter stages of the session
  • LTC/USD was hit with a fresh wave of selling pressure following the breakout of a bearish flag structure. 
  • The next likely target for the bears if they maintain control would be the psychological $50 level.
Litecoin technical analysis: LTC/USD bears are hunting for psychological $50 mark
Ken ChigboKen ChigboIndependent Analyst

LTC/USD daily chart

Price action is attempting to stabilize after the bears smashed their way out from a flag structure. 

LTC/USD 60-minute chart

Litecoin has breached a near-term ascending channel pattern or bearish flag, leaving the price vulnerable to further downside.

Spot rate:                  56.20

Relative change:      -2.40%

High:                         57.60

Low:                          55.98

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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