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Litecoin technical analysis: LTC/USD is trying to break back above ascending trend line

  • Litecoin trading in the green with gains of 3.5% in the latter part of Friday.
  • LTC/USD price action slipped below a critical ascending trend line of support, which is now acting as resistance. 
  • The price has managed to stabilize after the brutal selling on Thursday, which may not be done just yet. 
Litecoin technical analysis: LTC/USD is trying to break back above ascending trend line
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 117.67

Relative change:      +2.40%

High:                        119.69

Low:                         112.60

LTC/USD 60-minute chart

  • A bearish pennant can be viewed via the 60-minute chart view for LTC/USD. 

LTC/USD daily chart

  • Bulls must force a daily closure back above breached ascending trend line of support, may prove to be tough as new resistance. 

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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