Last week I mentioned that LTC on the 3 week chart should come down to test the 20 day MA, currently price is testing that level, however there is still room for a downside move towards the 3 week 9 day moving average / historical support of $56 – $52.
Viewed on the 2 week chart, which a candle has just opened for we can see this room to the downside, to test the broken resistance as support (and the dynamic moving averages). Last week (the previous 2 week candle) we seen the moving averages cross over, which suggested downside movement was about to occur, and this is what we are seeing now – though the move may only be minor in comparison to the likes of XRP.
The weekly chart shows us again this downside potential for LTC, right now price is sitting on the weekly 9 day moving average which lines up with the 2 week 20 day moving average, and a minor support zone, however, there is still plenty of space and time for price to slip down to the weekly 20 day moving average, which is a much more substantial level of support to trade off of, between $56 and $52.
The daily chart shows the same picture. Last week we seen LTC break below a trend support, retest it, and is now slipping to the downside, giving way to a downside potential of $56 – $52