Litecoin joins Bitcoin and heads below support levels to continue the downtrend

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  • Litecoin breaks some key level and some of the other major cryptocurrencies have followed suit.
  • The downward trend on the daily chart is continuing but there is a support zone nearby.

 

As all the major cryptocurrecies take a dive this afternoon LTC has broken a key level on the downside. 

53.06 was the consolidation low as the LTC/USD price consolidated following the last fall on 24th September.

The RSI is also nearing the oversold area and still has some space to move on the downside. 

This trend has been pretty relentless as you can see on the chart as this is the fourth major price support to be taken out.

The daily candle has not closed so there is still hope for the bulls that the lows may be rejected but at the moment things are looking bleak.

Litecoin Analysis

 

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