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Litecoin price analysis: Short term hits a wall, long term does the same

LTC unable to cross past a key resistance in short term chart.
Long term chart too facing similar fate.

Manoj B Rawal Independent Analyst

Litecoin the crypto retraces after hitting a key resistance line on the short term chart even as it does the same on the long term chart too, indicating that bulls need to fight a long drawn battle in order to bring their old days back.

LTC/USD is down 0.14 percent on day at $51.79, in less than half a percent range for the day. On the 240-minute chart of LTC, it fell off the high two days back exactly from the descending trendline which has not allowed to cross and sustain past itself in the recent past.

Even as LTC faces similar fate on the daily chart, unable to cross past a long term descending trendline. All this tells us that LTC still has a long way to go to bring back its long lost glory.

LTC/USD 240-minute chart:

LTC/USD daily 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.

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