Litecoin price faced severe selling pressure and showed a breakdown of the trendline near $80, declining further, LTC is now hovering near the support of $65. Moreover, the LTC price has now made a double bottom pattern and is trying to surpass the 20-day EMA to recover the gains and look for a reversal.
However, bulls must strain their muscles and require robust momentum to beat the mighty bears and initiate a reversal in the following sessions. LTC price tried to surpass the cluster of $100 but faced rejection multiple times, and the mighty bears aggressively pushed LTC toward the origin and made short buildups, resulting in slippage of the price below the support region of $80 in the past sessions.
Litecoin (LTC) price is at a make-or-break zone. If the price sustains above $60 and there is follow-on buying, it will absorb the selloff – LTC will recover and retain the primary swing of $80. However, if it breaks $60, it will redirect toward $50, and free fall may be seen. However, there is a strong support zone, and bears are challenged to break the round mark of $50 to initiate a fall.
At press time, LTC price is trading at $64.20 with an intraday drop of 1.77%, showing neutrality on the charts. Moreover, the trading volume increased by 4.75% to $286.99 Million, and the pair of LTC/BTC is at 0.00242 BTC. However, the market cap of LTC is $4.58 Billion. Furthermore, analysts maintained a neutral rating and suggested a strong growth outlook for the following sessions.
LTC Price Shows Fresh Sell-off on Daily Charts
On the daily charts, LTC price trades below the significant moving averages and slipped below neutrality, indicating selling pressure in the past sessions. Moreover, the sellers persisted in adding short positions and looked to drag LTC toward the round mark of $50. Furthermore, the curved path signifies the same, suggesting follow-up selling in the coming sessions, and that LTC may drag toward $50 soon.
Short Term Chart Shows LTC Faces Rejection From 200- Day EMA
On the short-term charts, LTC failed to escape the 200-day EMA while trying for a reversal and faced rejection, resulting in further retracement in the last trading sessions.
The RSI curve stayed in the overbought zone, showing a bearish divergence, forming a negative crossover, suggesting volatility in the following sessions.
The MACD showed a bearish crossover and formed red bars on the histogram, suggesting a negative outlook for the following sessions.
Summary
Litecoin price is trading on a bearish track and experienced a selloff over the past sessions. Moreover, the price action shows seller dominance, and buyers stayed cautious and started to unwind their long positions because of the breakdown. Investors will keep their eyes on a decisive pullback or a further selloff in the following sessions.
Technical Levels
Support Levels: $60 and $50
Resistance Levels: $70 and $80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/17/litecoin-price-prediction-ltc-in-dilemma-bounce-or-selloff/