Ken Chigbo
Independent Analyst
- Litecoin price on Wednesday is trading in positive territory by 3.80% in the second half of the session.
- LTC/USD upside is going to be heavily capped by a strong prior support zone seen at $70. Market bulls faced a rejection here in session on Tuesday.
- The bulls are retesting a breached pennant structure, which at present continues to contain the price.
Spot rate: 67.29
Relative change: +3.70%
High: 69.38
Low: 66.64
LTC/USD daily chart
- The bulls were dealt with rejection, after attempting to retest the broken down critical support at $70.
LTC/USD 60-minute chart
- Price action has smashed out to the downside from a rising channel formation, making way for further selling pressure.
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