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Litecoin technical analysis: LTC/USD bears break critical ascending trend line of support

  • Litecoin price on Thursday is nursing steep losses of some 13%. 
  • LTC/USD drops to its lowest levels seen since 6th June, as big sellers hit the entire market.
  • There were some big moves seen across the cryptocurrencies yesterday, led by Bitcoin, fueled by Facebook Libra project on hopes of increasing Bitcoin usage. It could very well be profit-taking being seen. 
Litecoin technical analysis: LTC/USD bears break critical ascending trend line of support
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 133.79

Relative change:      -13.35%

High:                        131.70

Low:                         111.26

LTC/USD 60-minute chart

  • Price action is retesting the daily low area, which if breached could see $100 quickly facing a retest. 

LTC/USD daily chart

  • Current daily price action is breaching a critical ascending trend line of support, opening the door to further downside pressure. 

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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