💥💥💥 #Litecoin Nears Annual Low: Potential Rebound Or Further Descent?
Litecoin ($LTC ) Price Analysis: Persistent #BEARISH📉 Trend
Current Situation
- Litecoin (LTC) is trading near $69.85, down 0.44% intraday. The cryptocurrency has been in a downtrend since breaking below the critical $80 level, nearing its yearly lows.
Market Sentiment
- Weighted Sentiment: Recently dipped below zero, indicating strong bearish sentiment.
- Market Position: Ranked 20th by market cap at $5.54 billion, with $176.37 million daily transaction volume and 74.67 million LTC in circulation out of 84 million.
Technical Analysis
- Moving Averages: LTC is below key EMAs (20, 50, 200-day), signaling a bearish outlook.
- Indicators: RSI at 36.73 and 14-day SMA at 37.37, both below midpoint, reinforcing bearish sentiment.
Outlook
- Litecoin must surpass $80 to shift to a bullish trend. Until then, bearish sentiment is likely to persist.
Conclusion
Litecoin (LTC) faces strong resistance at $80 amid a bearish trend, trading around $70. Market sentiment remains negative, supported by technical indicators suggesting continued downward pressure.
Source - thecoinrepublic.com
