Litecoin Technical Analysis: LTC/USD must break game-changing barrier at $50

Litecoin price is trading in positive territory by some 7.20% in the session on Friday.
LTC/USD regathers upside momentum following two sessions of losses.
Price action formed a daily evening star formation, which has resulted in selling pressure ahead of $50.

Ken Chigbo Independent Analyst

LTC/USD weekly chart

Price action has remained extremely narrow for some seven weeks, it comes following a bearish flag breakout.

LTC/USD daily chart

Chunky supply can be observed from the range of $46-49, proving some difficulty. The area previously served as a strong demand zone.

Spot rate: 48.20

Relative change: +7.20%

High: 48.67

Low: 43.83

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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