- Litecoin price largely cooled on Monday, seen down around 5%, after last week’s strong performance.
- LTC/USD downside pressure is potentially worrying, with the testing of a key support zone, seen from $55 to high $54 region.
The Litecoin price was one of the underperformers on Monday, dropping around 5% in the session, as the crypto market across the board was seen softer. Litecoin lost upside momentum after highs printed on 18th August, above $62.
LTC/USD enjoyed a decent bull run last week, gaining a whopping 18%, staging a chunky rebound from the heavy losses encountered in the past month. The run could have been much more powerful for the bulls, should they have managed to break a stubborn supply area.
Near-term resistance is causing problems for the bulls, supply zone is tracking within the early $62 territory. This noted area has been a problem for just over a weeks’ worth of trading. LTC/USD bears are currently testing a key support zone seen running from $55 to the high $54 territory, a breach could see a quick slip back down to sub $50.
LTC/USD 60-minute chart
Share
