Litecoin Slumps 😟

27 May 2022

Litecoin has extended its decline exactly as we had predicted. Recall that we noted several factors that pointed to a continued selloff. The price action was 'rounding off' as we have illustrated on the chart. Highs were getting lower and the Kovach OBV has turned south. Lower levels were providing little support and we have just now cracked the lower bound at $64.37. We are currently meandering in the vacuum zone between this level and $55.84. This should provide strong support if we break down further. The levels $64.37 and $66.94 are targets to the upside if momentum comes through.