Litecoin Price struggles to defend $70; Will LTC decline further

• Litecoin Price fell 17% in the previous week and formed a bearish candle.
• LTC Price drops below 50 and 200 day EMA shows signs of bearish trend reversal.
• The Litecoin Price Prediction remains bullish till it sustains above $60.00.

Litecoin Price fell 17% in the previous week and sell off is still continuing which hurted the sentiment of investors. LTC price broke the crucial support of $80.00 which triggered the negative sentiment and invited further decline. 

Litecoin Price also slipped below the 50 day and 200 day EMA shows the signs of bearish trend reversal. However, the confirmation of the trend reversal will come when LTC crypto price will break down the $60.00 support. 

LTC price tried multiple times to break out of $100.00 but got rejected. Buyers always lacked the momentum on the higher levels and began to book the profits in the fear of correction. However, $60.00 to $70.00 acted as a strong support zone and responsive buyers might be still active. 

Litecoin Price Prediction remains bullish for the long term and suggests significant increase is possible till price holds $60.00. However, the price seems to be in the correction mode and might test $60.00 in coming weeks. 

Litecoin Price is trading at $72.91 with an intraday decline of -0.33%. The 24 hour volume to market cap ratio is 0.0958.

Bearish Trend reversal in Litecoin Price

Litecoin Price fell by 19% in the current month and formed a giant bearish candle. The recent sell off is majorly due to the external factors. The correction in the overall crypto crypto market has negatively impacted the price of other Altcoins including LTC. 

If the buyers are able to defend the $60.00 support then we might again see a U-turn in prices. However, if Prices recover then both the EMAs will act as an immediate hurdle for the bulls. 

The LTC price will only pick up the positive momentum when buyers are able to break out of the $90.00 hurdle. On the other hand, if the situation gets worse and price drops below $60.00 then we might see a sharp decline in LTC prices. 

The technical analysis suggests, LTC price might decline further from current levels. But the downfall is expected to halt in the range between $60.00 to $50.00.

LTC Price returned back to lower range

LTC Price is consolidating in the wide range between $60.00 to $100.00. Presently, the price is returning back to the lower levels. 

The buyers will try their best to defend the lower range and rebound. But if the overall market remains bearish then the fear of further downside will present in Litecoin. 

The MACD displayed a sharp negative crossover and histogram bar is also declining. It indicates bear dominance and more downside is possible. The RSI at 29 sloping down also denotes weakness and may reach the oversold zone in the coming weeks. 

Conclusion

Litecoin Price fell 17% in the previous week and dropped below the crucial support of $80.00. LTC price is approaching the lower range and buyers will try their best to defend $60.00 support. 

The technical analysis says, LTC crypto might decline further from current levels but expected to respect the $60.00 support.

Technical levels

Resistance levels: $90.00 and $100.00

Support levels: $65.00 and $60.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.