Price analysis of Litecoin: LTC / USD makes a big extension down, in free fall mode after the increase of the channel breakout

  • The price of Litecoin was again lower than Wednesday, down more than 2% in the session.
  • LTC / USD extends its downward moves, following the violation of the ascending channel, as seen in the newspaper.

The price of Litecoin was once again the back foot during the Wednesday session. Nursing losses of more than 2% were found. This is the track now at its sixth consecutive session which closes in red, after a great refusal and breakout.

The LTC / USD has been on a much higher track for quite some time, starting September 12, moving to a rising channel. The price, however, attempted to break through on the upside, but was tackled with a throwback. This forced the Litecoin to return to a bearish trend, then seeing it come out of the model mentioned, seeing other sellers pile up.

Technically, due to the recent October 2 violation, it has lost rough ground at around $ 60, where channel tracking support has been seen. The price now trades around the daily support, seen from around $ 57 to half $ 56 range. The upward resistance will now be visible under the broken channel.

LTC / USD daily table

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