FX.co ★ Litecoin hovers above critical support

Litecoin changed little in the short term. It's trading at 99.97 level at the time of writing. The selling pressure remains high as the price of Bitcoin maintains a bearish bias. LTC/USD seems somehow undecided in the short term.

In the last 24 hours, Litecoin is up by 0.42% but it's down by 10.90%% in the last 7 days. Technically, the price is located in a demand zone, that's why we can search for new long opportunities.

LTC/USD Upside Breakout?

LTC/USD is located within a down-channel pattern. As long as it stays above 94.05 - 96.51 area, the altcoin could try to develop a new leg higher. The downtrend line and the 150% Fibonacci line are seen as dynamic upside obstacles.

Escaping from the pitchfork's body, registering a valid breakout above the upper median line (uml) may signal that the downside movement could be over. A valid breakdown below 94.05 may announce more declines.

LTC/USD Outlook!

Staying above the 94.05 - 96.51 followed by a valid breakout above the downtrend line and through the weekly pivot point of 105.39 could announce potential strong growth. This scenario could announce a bullish reversal.