Cryptocurrency price analysis: Litecoin (LTC) falls to targeted low of $79
The price of Litecoin (LTC) has dropped to its predicted low of $79. The altcoin previously showed signs of a fall and reached a low of $77. Currently, LTC/USD is trading at $84 per coin.
Main breakdowns:
- Litecoin’s run to the top has halted, hitting a low of $80 on August 3.
- Litecoin has regained upward momentum and is approaching the $92 threshold.
- Technical indicators show bearish exhaustion and the possibility of a downtrend.
- Resistance levels for Litecoin are at $100, $120, and $140.
- Support levels for Litecoin are at $60, $40, and $20.
Litecoin’s next step:
Litecoin has experienced a decline but is now starting to rise again. The altcoin has failed to break the overbought zone, resulting in a fall back to previous levels and a trading range.
Last week, it was reported that Litecoin was rejected after reaching a high of $104. The altcoin broke below the 21-day line SMA and continued the downtrend to the 50-day line SMA.
Hot Take:
While Litecoin has faced a drop to its targeted low, there is potential for it to regain momentum and reach higher levels. The altcoin will need to break above resistance levels and sustain an upward trend to see significant gains. Keep a close eye on Litecoin’s price movements in the coming days.
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