- Litecoin breaks out from a descending channel pattern, but still holding losses of 1% on Tuesday.
- Immediate support is seen at $117.50, resistance to the upside is eyed within the very early $120 region.
The Litecoin price managed to spike higher to breakout from a falling channel pattern on Tuesday, however was still down on the session by just over 1%. A mixed bag of performances seen across the cryptocurrency market, but generally neutral/bearish tone seen.
LTC/USD had initially dropped over 10% in the last two sessions, in-line with a general cooling in prices seen across the board. This followed on from big gains seen in the previous trading week but having now pared those advances.
Technically, given the recent breach of the channel pattern, it would suggest some further upside may be on the way. A retest of the upper trend line may be on the cards first of all. The price is currently in proximity to the 50MA on the 30-minute chart view, to the downside immediate support is seen at $117.50. Resistance seen not too far ahead within the very early $120 region, proven supply zone.
LTC/USD 30-minute chart
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