LTC/USD near-term life kicked into bulls but may prove to be unsustainable

Fibo Quantum

  • Litecoin price is trading in positive territory by 10.60% in the session on Monday. 
  • LTC/USD has recently exploded out from a narrowing range formation. 
  • Heavy supply observed around the $40 price area, which could limit upside. 

 

LTC/USD weekly chart

The price broke below, retested and has rejected a critical trend line of support, leaving LTC vulnerable. 

LTC/USD daily chart

A bearish pennant structure can be observed via the daily chart view. 

 

Spot rate:                40.18   

Relative change:    +10.60%

High:                        40.13

Low:                         34.55