Litecoin [LTC/USD] Technical Analysis: Consistent support breach seen as coin slips to ninth spot
As the bear charged multiple attacks, Litecoin [LTC] dipped into a deep red wherein it slumped by 12.4%.
At press time, the token was trading at a depreciated price of $26.2, with a market cap of $1.5 billion. The 24-hour trading volume was recorded at $460.1 billion.
Since the last week of November, the one-hour LTC candlesticks have seen a stark support breach wherein the earlier support set at $28 was violated by the more immediate, stronger support suspended at $25.
Meanwhile, the downtrend is extending from $34 to $30 in this scenario, forming a descending triangle with a support line. A trend breakout cannot be foreseen as of now, as there is no price concentration in the market.
On the Aroon indicator graph, the downward trend is appearing to be stronger than the uptrend. This is a clear sign that the indicator is bearish on the coin.
The Chaikin Money Flow is also bearish on Litecoin as the reading line continues to…
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