Litecoin Technical Analysis: LTC/USD key support at $31 must hold

Litecoin price trading firmly in negative territory on Thursday, down over 3%.
LTC/USD price action is being supported via the daily time frame by an ascending trend line.

Ken Chigbo Independent Analyst

LTC/USD 15-minute chart

Price action moving to the downside within a steep descending channel/wedge formation.

Spot rate: 3840.62

Relative change: -1.65%

High: 33.57

Low: 32.11

Trend: Bearish

Support 1: 32.11, daily pivot point support.

Support 2: 30.79, daily pivot point support.

Support 3: 29.79, daily pivot point support.

Resistance 1: 34.44, daily pivot point resistance.

Resistance 2: 35.43, daily pivot point resistance.

Resistance 3: 36.76, daily pivot point resistance.

LTC/USD 60-minute chart

Looking via the shorter time frame, support seen just below, tracking at $31.

LTC/USD daily chart

LTC/USD supported by an ascending trend line, this has been running since 16th December.

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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