Litecoin Technical Analysis: LTC/USD price drops out of ascending channel, eyes on $89 buying zone to potentially catch falling price

• Litecoin price on Friday is trading in negative territory, down around 3.5%, as the bears resume control of direction.
• LTC/USD has been moving within an ascending channel, like several other altcoins, which could see prices suddenly breaking out across the board.
• A lack of upbeat sentiment within the crypto market has not helped at all, given some of the soft news flow over the past week.

LTC/USD 60-minute chart

Spot rate:                                     97.24

Relative change:               -3.55%

High:                                                       100.85

Low:                                                       96.64

Trend:                                                   Bearish

Support 1:                                 96.50, 38.2% Fibonacci & 50MA.

Support 2:                                   93.70, (support on 30-minute chart) & 23.6% Fibonacci

Support 3:                                   89.14, 13th June low.

Resistance 1:                        97.92, underneath lower trend line of channel.

Resistance 2:                        98.71, 50% Fibonacci.    

Resistance 3:                        99.96, 100MA.