FX.co ★ Litecoin: temporary retreat

Litecoin dropped a little in the short term and now is trading at 84.95 at the time of writing. After its strong leg higher, a temporary drop was natural. The rate should challenge the immediate downside obstacles before trying to develop a new leg higher.

The altcoin dropped by 9.89% from Saturday's high of 93.82 to 84.54 today's low. In the last 24 hours, LTC/USD dropped by 3.63%.

LTC/USD Forecast!

From the technical point of view, the rate came back to test and retest the broken upper median line (uml) of the descending pitchfork which represented a dynamic resistance. The resistance turned into support.

Moreover, 83.36 and the uptrend line represented downside obstacles as well. Testing and retesting these support levels may announce a new leg higher.

LTC/USD Forecast!

False breakdowns below the mentioned support levels should bring us new longs.