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Litecoin is one of the largest cryptocurrencies for market capitalization and therefore its price movements are extremely interesting for many investors. About three months ago we considered cryptocurrency and took a downward position on its price. That feeling has not changed much now. In mid-August, when the price of Litecoin stood at $ 51, there was a price drop of $ 38. We thought it was very likely that the price would reach that level. In this case, it would also repeat the lows from July to September 2017.
The goal we set for the price was reached on November 19th. It was an unchallenged path at that level that was predictable from technical analysis. The price was plotting a descending triangle pattern that is shown in the above chart with green lines. The scheme was elaborated during the end of the summer and also in the fall. Since the $ 38 level was broken by price, it is now tested as the nearest resistance. We maintain our negative outlook for the price and we will hardly change our position until it remains below the resistance. Furthermore, we expect the price to continue to decline in the near future with a very high probability.
