Litecoin Technical Analysis: A run past $80 or a struggle at $70?

While the cryptocurrency world is ensconced with news of Bakkt confirming their September 23 launch of BTC futures, the altcoins are looking in awe. At press time, none of the heavyweight alternates to Bitcoin are trading in the thick of the green.

Litecoin, fresh off its halving, has been on a downward slump, dropping by 18.68 percent in the past week. Digital Silver which reached as high as $144, is now trading at around half of the price, owing to a price fall dropping the coin to its lowest point since May 10.

Litecoin broke out of its falling wedge which persisted from the 5th to the 10th of August, taking the price down from $102.63 to as low as $82.57. Immediately after the same, the price rose by close to 5 percent within a 3-hour window between 1400 UTC and 1700 UTC, on the 11th. This price drop broke two successive support levels placed at $91.61 and $88.13, and bounced off the third support at $83.8.

On 14 August, the aforementioned support which lasted a mere 72-hours was broken, as LTC broke out of a downward channel. During the same, the continuously descending lower highs were recorded at $90.84, $87.37 and $85.85, and the lower-lows were at $85.6, $84.15 and 83.27, following which the drop occurred. Within a period of 1 hour, Litecoin slumped past its channel, dropping by 4.96 percent, to under $70, well past the previous support. Read More at AMBCrypto...


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