In December 2017, this ‘digital silver’ asset peaked at $104 for the first time, spiking over 96% through November from $53 on the back of LTC founder, Charlie Lee becoming more involved in the media and new Korean support from its Coinone exchange listing.
Following that uptrend, LTC exploded again a further 255% on December 19th during the mad market frenzy, this time to it's all-time high price of $370.
Typically LTC has had a history of closely following BTC’s performance and today as Bitcoin slides below it’s key $6,600 support, so too has LTC broken below a strong base support. This is also coupled by a sliding crypto market, as bearish market sentiment takes a strong hold over cryptocurrency trading.
Litecoin Technical Analysis Review
Looking back at the chart model posted on Cryptovest on June 1st for LTC/USD, we can see that the battle between a bullish triple bottom reversal and the overbearing descending triangle pattern was won by the bears. Yesterday, the candles began to break below the danger zone (red block) but had almost recovered back into the safety of the base support. Today however, further selling pressure from the falling BTC market has forced LTC back into submission.
Depending on the duration of this current bearish crypto market, it is possible that LTC may suffer further losses with key supporting areas below to watch out for at: $93, $83 and $72.
This article appeared first on Cryptovest