Litecoin’s Bearish Pattern Could Signal a Downturn
Litecoin’s price is currently following a bearish pattern that may put a stop to its recent rally and potentially push the altcoin lower. Unfortunately, LTC is not garnering much support from its investors, which could lead to further losses in the near future.
Will Litecoin Succumb to the Bears?
- Despite LTC’s price showing an upward trend over the past two weeks, there are signs that this positive momentum may change soon.
- Investors holding LTC seem to be hesitant about the cryptocurrency’s future trajectory.
- The lack of enthusiasm among investors is evident in the Network Realized Profit/Loss metric, which indicates that LTC holders have experienced significant losses in a single day, the largest since June 2023.
Signals Pointing Towards a Potential Downturn
- The recent losses observed by LTC holders could be seen as a precursor to more selling activity as investors try to offset their losses by selling their assets, contributing to a possible price decline.
- The Mean Coin Age of Litecoin tokens has also decreased, signaling a rise in the circulation of coins among investors rather than holding onto them, further suggesting a lack of support for LTC’s price.
LTC Price Prediction: Brace for a Pullback
- Litecoin’s price is currently forming a rising wedge pattern, typically a bearish formation indicating a potential price reversal with downward movement on the horizon.
- Analysts predict a correction of around 30.77% for LTC in the coming days, potentially bringing its price down to $69.
- The dwindling trading volume adds weight to the bearish outlook as Litecoin’s price continues to decline within the pattern.
Seeking Support Amidst the Downtrend
- Despite the bearish sentiment, LTC is likely to find support at the $93 level, representing the 61.8% Fibonacci Retracement, which could act as a crucial support floor.
- A rebound from this support level could enable Litecoin to reclaim the $100 mark and invalidate the current bearish scenario.
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