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.
LTC/USD 60-minute chart
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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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