Litecoin: There is breakdown and there is hope
- LTC breaks down on med term chart and bounces.
- Long term still holds hope, though not much.
Litecoin broke down of a key ascending trendline support on the medium term chart, giving ammunition to the bears to continue their onslaught on the crypto that has lost more than 90 percent of its value from the all time high of close to $400.
LTC/USD is up just about 2 percent on day at $32.877 and trading in less than 4 percent range on Sunday. On the 240-minute chart of this crypto, it broke down of an ascending trendline support that has been helping prices remain upbeat in its bounce from the December lows, but not anymore.
The hope, though remains from the fact that there is a long term support just around the corner on the 720-minute chart, around $29 currently, in the form of a descending trendline, but if the bear-attack continues unabatedly, then even that might not be able to hold on for long.
LTC/USD 240-minute chart:
LTC/USD 720-minute chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
