Litecoin (LTC) Price Analysis: Advanced Bearish This Week and Dipped to a New Low After Four Months of Trading

Litecoin went through a series of reductions in the past weeks following a sell order from $89 last month, making it the second phase of the bearish

Litecoin (LTC) faced more selling pressure on Friday as the coin dipped to a new low this week after four months of trading. Litecoin began the day with a slight recovery from Thursday’s lows. However, the coin faced rejection at press time and looks set to continue selling pressure on the day.

LTC/USD is currently trading at $71, down 0.78% in the past 24 hours and up 6.3% in the past seven days. The world’s 14th-largest cryptocurrency by market cap now trades at around 75% down from its all-time high of $412, set in May 2021.

Litecoin Sell Order Reduced in Past Weeks

After witnessing a sell order from $89 last month, Litecoin went through a reduction in the past weeks. This marks the second phase of the bearish correction that started from $113 in April.

It brought roughly a 40% correction in the price to $67.5 this week, marking its lowest price level since February 21. Litecoin made a short bounce on Monday and increased to $72 yesterday with a small gain.

However, the coin faced buying pressure on Friday, and bears stepped back, pulling the price briefly to $71, where it is changing hands at press time.

Adjusting to the 4-hour timeframe shows the price on the verge of losing grip again. A continuous breakdown is expected in the coming hours following this bearish signal.

The current low remains a key selling price target. A daily candle close below it might cause more havoc in the market while the bulls suffer losses.

If the mentioned low contains selling pressure, we can anticipate a notable recovery to $84 before deciding on where next to head. Having said that, LTC remains in a downward range on the daily timeframe.

LTC’s Key Level

As the bears target the $67.5 support level, a break below it could bring us to $64 and perhaps the psychological $60 level in the next few days

Apart from the recent rejection point, Litecoin holds resistance at $75. Higher levels to watch above this resistance are $78.3 and $82 on the daily chart.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: pitinan/123RF // Image Effects by Colorcinch

The above is the detailed content of Litecoin (LTC) Price Analysis: Advanced Bearish This Week and Dipped to a New Low After Four Months of Trading. For more information, please follow other related articles on the PHP Chinese website!