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  • Litecoin is trading over 8% lower on Monday in another horrible day for cryptos.
  • There has been some support at lower levels and now the price has bounced of 30.00.

LTC/USD 30-minute chart

Litecoin has been in free fall recently but as you can see from the chart below the price has started to consolidate on the lower time-frames. The key low on the chart is marked in red at the lows and if this gets breached it surely means there is more trouble ahead. Although, I would look out for lots of volume and a candle close below the level to confirm the bearishness. 

More recently, The light blue line closer to the 29.00 level has acted like a near term support zone. When the price moved higher it stopped just short of the 34.00 resistance zone and is now stuttering. I think a break either way now will tell us lots about the future direction of the LTC/USD pair. Obviously the longer-term bias is with the sellers but short term there is no reason why the top of the consolidation at the black line (41.00) may be tested.

Litecoin consolidation

Additional levels

 

Expert score

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