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Litecoin technical analysis: LTC/USD heavily reliant on a critical ascending trend line, make or break

  • Litecoin in the second half of Tuesday's session is trading firmly in the red, down some 2.50%. 
  • LTC/USD price action is trading ever so close to a critical ascending trend line of support. 
  • The noted support has been running since the back-end of April, guiding the bulls north.  
Litecoin technical analysis: LTC/USD heavily reliant on a critical ascending trend line, make or break
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 120.30

Relative change:      -2.56%

High:                        124.12

Low:                         119.57

LTC/USD 60-minute chart

  • Price action via the 60-minute chart view is narrowing within a triangular structure. 

LTC/USD daily chart

  • The long-running ascending trend line is critical for LTC/USD, it could either make or break the price and its direction. 

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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