Litecoin price analysis: There’s a problem – Breakout fading away

Fibo Quantum

  • LTC broke out on the long term, few days ago.
  • Momentum still lacking, failure likely.

Litecoin the cryptocurrency that broke out on the long term chart about 10 days ago, has not yet been able to sustainably move higher to cross past certain levels that could be termed as a confirmed long term breakout.

LTC/USD is down more than 2 percent on day at $59.90, at the lowest point of the day so far. On the daily chart, the crypto broke out of a descending trendline on September 19 and all it needed was a little more push from the bulls to take it past the $68-70 zone which hasn’t yet happened.

If LTC remains subdued for a few more days around these levels, chances are it may eventually go lower and below the breakout point itself. Major support exists around $57 in the form of 21 days SMA.

LTC/USD daily chart:

 

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