Litecoin Faces Potential Drop to $70 Amid Bearish Trends
Litecoin (LTC) has declined 30% over the past month, with analysts suggesting a potential drop to $70. Analyst Ali Martinez highlighted a breakdown from a parallel channel, indicating further bearish momentum.
Key Points
- LTC dropped below the lower trendline of a parallel channel, signaling a possible extended downtrend.
- Technical indicators show a Relative Strength Index (RSI) at 35.92, nearing oversold levels with room for further decline.
- The price broke below the Bollinger Bands, currently trading close to support at $74.70, with resistance at $100.34 and $125.98.
- Litecoin's 20-day Exponential Moving Average (EMA) is at $98.81; reclaiming this level could signal a bullish reversal.
- Hashdex amended its Nasdaq Crypto Index US ETF to include LTC alongside eight other cryptocurrencies, leading to a 2.45% increase in LTC's value.
- LTC's market cap stands at $6.87 billion, ranking it as the 21st largest cryptocurrency.