LTC/USD remains at risk to losing the $50 mark

Fibo Quantum

  • Litecoin price is trading in positive territory by 1% in the session on Friday. 
  • LTC/USD range of $60 to the high, $55 to the low was breached by the bears.
  • The next major supports to the downside see at; $50, $44 and $40. 

 

LTC/USD daily chart

The price was running at two consecutive sessions in the red, however, in the second part of the session, the price has managed to catch some upside momentum. A bounce was seen at the $51.00 mark. 

LTC/USD 60-minute chart

Price action extended to downside out from a narrowing range block formation, inviting further selling pressure. The structure can also be viewed as having been a bearish flag formation. There may be room for a potential retest of this structure. 

 

Spot rate:                 54.97

Relative change:    +1.00%

High:                        55.00

Low:                         50.65