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Litecoin Technical Analysis: LTC/USD bulls drop out from the sky, luckily they have a parachute

Litecoin price suffered on Monday dropping as much as 5%, inline with a cooling seen across the board.
LTC/USD breached a near-term supporting trend line, seeing sellers quickly jump.
Further free-fall was prevented by demand zone within $57 territory.

Ken Chigbo Independent Analyst

LTC/USD 60-minute chart

Spot rate: 58.268

Relative change: -5.15%

High: 61.494

Low: 57.009

Trend: Bearish.

Support 1: 57.000, demand zone.

Support 2: 56.400, support on 60-minute chart.

Support 3: 53.830, consolidation area 20 Sept before bull run.

Resistance 1: 59.070, 100MA.

Resistance 2: 60.470, 50MA.

Resistance 3: 61.330, underneath broken ascending trend line.

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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