LTC underwent a significant decline of 13%, dropping from $89.90 to $73.56. However, the downward movement continued as the price breached the ascending channel line, expecting further decline.
Currently, Litecoin is demonstrating a downtrend against the US Dollar, mirroring the movements of Bitcoin and Ethereum. If there is a noticeable breakthrough above the $74 threshold, it is probable that the price of #LTC will experience further declines.
In recent trading sessions, Bitcoin, Ethereum, Ripple, and #litecoin have primarily experienced bearish movements when paired with the US Dollar. Specifically, Litecoin faced resistance around the $92.00 level, triggering a subsequent downtrend.
Over the past four days, Litecoin (LTC) encountered multiple unsuccessful attempts to overcome the resistance level at $92. Despite efforts from buyers, the required momentum was lacking, leading to a subsequent price correction. Furthermore, the 4-hour chart of the LTC/USD pair witnessed a notable breach below the support level around $86. Additionally, Litecoin also experienced a break below the crucial support level at $82, followed by a decline below the $80 support level.
Following the breach of key support levels at $77 and $75, the price of Litecoin has even dipped close to the $73 support level. Currently, the price has reached a low of $73.56 and is in the process of consolidating its losses. It is important to note that Litecoin is currently trading below both the $80 level and the 21-hour simple moving average.
At present, LTC is encountering resistance at the $78 level, creating a barrier to its upward movement. Moreover, on the 4-hour chart of the LTC/USD pair, a descending channel trend line is taking shape, indicating resistance at approximately $80. In the event of a clear and definitive breakthrough above the $80 resistance, there is potential for the price to advance towards the $83 level. Following this, a significant resistance level is positioned near $86, and continued progress could drive the price closer to the $90 level.
If LTC fails to surpass the $80 mark, initial support is projected to be situated around the $74 level. Following that, the next notable support level is expected at approximately $72. Should the price break below this $72 support level, it could potentially trigger an intensified decline towards the $65 level in the near term.
The LTC has a market capitalization of $5,616,443,955, according to Price Analysis. The 24-hour trading volume of the coin is nearly $995,885,370.
KEY LEVELS :
RESISTANCE LEVEL : $79-$83
SUPPORT LEVEL : $73-$70
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.