Search ForexCrunch
  • Litecoin price was underperforming again on Wednesday, down over 2% in the session.
  • LTC/USD extends its moves to the downside, following breach of ascending channel, as seen on the daily.

 

The Litecoin price was once again on the back foot during Wednesday’s session. It was seen nursing losses of over 2%. This is tracking now at its sixth consecutive session closing in the red, after a big rejection and breakout.

LTC/USD was trending higher for quite some time, from 12th September, moving within an ascending channel. The price however, attempted to breakout to the upside from this pattern, but was dealt with a rejection blow. This forced Litecoin back into a bearish trend, seeing it then breakout from the mentioned pattern, seeing further sellers pile in.

Technically, given the recent breach on 2nd October, losing large ground around $60 mark, where the tracking support of the channel was seen. The price now trading around daily support, seen from around $57 to mid-$56 range. Resistance to the upside will now be seen underneath the broken channel.

 

LTC/USD daily chart