Litecoin Technical Analysis: LTC/USD price behaviour suggesting of another breakout to the downside, with $100 mark once again in the eyes of the bears

• The Litecoin price was further hit on Tuesday, dropping 2%, after running into resistance around $108.
• Supply zone preventing a break higher, tracking from $107.60-108.40.
• Bearish pennant pattern can be seen forming on the 30-minute chart.

LTC/USD 60-minute chart

Spot rate:                                     104.70

Relative change:               – 2.05%

High:                                                     108.24

Low:                                                       104.08

Trend:                                                   Bearish

Support 1:                                  104.03, lower trend line of pennant.

Support 2:                                    103.00, entry of demand zone.

Support 3:                                    102.40, 29th May low.  

Resistance 1:                           105.75, 50MA.

Resistance 2:                           106.60, supply zone entry.

Resistance 3:                           107.50, upper trend line of pennant.