– Litecoin price tackles the declining trend line for the third time in nearly two years.
– A breakdown of the $100 psychological level could lead to a correction to $90 or lower levels.
– A breakout above the declining trend line could trigger a move of $119 or higher.
Litecoin (LTC) price has been stuck under a declining trend line, producing lower highs.This development is likely to lead to correction, considering the Bitcoin (BTC) market outlook, which is already bearish.
Also read:
Bitcoin Weekly Forecast: BTC looks set for correction amid increasing sell signals
Litecoin price at crossroads
Litecoin price crashed 69% between November 2021 and February 2022, after which the selling pressure slowed down.Since then, LTC has produced three distinctive lower highs, which can be connected via a declining trend line that serves as a resistance level.The current retest has cleared the weekly hurdle at $100 but has not yet breached the trend line.
If the Bitcoin price outlook shifts from sideways to correction, the third retest of the declining trend line for Litecoin price will result in a similar move to the last two.For now, investors can expect a breakdown of the $100 psychological level, followed by a correction to the $90 support level, roughly 13% lower.
A bounce here would be a great buying opportunity, especially if BTC’s outlook changes.
In such a case, Litecoin price
recovery rally could propel LTC to $119.In a highly bullish case, the altcoin could eye a retest of the $150 key level or the $200 psychological level.Either way, the retest of $200 could take a while.
LTC/USDT 1-week chart
While the short-term bearish outlook for Litecoin price looks promising for long-term holders, investors need to pay
close attention to Bitcoin price.
If BTC undergoes a steeper correction, it could cause Litecoin price to breach the $90 support level and nose dive 16% to the next key support level at $75.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.
FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.
Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.
FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Recommended Content
Editors’ Picks
Ripple’s move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame.
This development happened while XRP tightly consolidated for roughly 250 days.
Investors can expect XRP to kickstart a massive rally.
More Ripple News
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock.It joins the likes of dYdX and Sui, which have similar events on their calendars.As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
More Optimism News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface.
Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal.XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
More Cryptocurrencies News
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation.Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0.A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
More Jito News
Bitcoin: BTC looks set for correction amid increasing sell signals
Bitcoin (BTC) price action remains unchanged as it trades below the 2021 ATH for the fourth consecutive week.
With Grayscale’s ETF outflows slowing down, investors expect a positive outlook for the crypto markets, but the short-term directional bias, at least from a technical perspective, remains bearish for BTC.
Read full analysis.