Litecoin has been beaten down for the last 3 months, from a high of over $140 USD to a current price of just shy of $55 USD.
The question is where to from here?
The current near-term low of $50 USD will be a crucial, line in the sand for the altcoin moving forward.
After quite a violent prior week down, it is unclear whether or not this is the capitulation of the last hold outs(higher than normal volume on the sell does support this view), or if this is just a breather before the bleeding continues.
Should LTC break the 78.6% Fib level, then the next target would be the unconventional 90% retracement level, currently at $35 USD, which coincides with prior consolidation before this most recent breakout.
In anycase the next few weeks (at most) will be crucial in determining the near-term projection for the coin.
The question is where to from here?
The current near-term low of $50 USD will be a crucial, line in the sand for the altcoin moving forward.
After quite a violent prior week down, it is unclear whether or not this is the capitulation of the last hold outs(higher than normal volume on the sell does support this view), or if this is just a breather before the bleeding continues.
Should LTC break the 78.6% Fib level, then the next target would be the unconventional 90% retracement level, currently at $35 USD, which coincides with prior consolidation before this most recent breakout.
In anycase the next few weeks (at most) will be crucial in determining the near-term projection for the coin.
Trade active:
LTC is close to running into the downtrend line, it won't be long before we have our answer
Trade active:
LTC is VERY close to confirming a further fall potentially to the 90% retracement
