Litecoin Dips 11% Alongside Other Altcoins, Analyst Says LTC Could Likely Plunge To This Level
Veteran cryptocurrency trader Ali cautioned that Litecoin is looking vulnerable following its recent sharp decline.
In a tweet today, Ali noted that Litecoin’s technical outlook appears challenging after the cryptocurrency failed to hold above its recent highs.
Key Points
- If selling pressure persists, Litecoin could drop towards the key support level of around $38.
- This would confirm a bear-flag breakdown, a pattern that typically leads to further downside.
- At the time of writing, Litecoin has crashed 13.34% lower over the past 24 hours.
- The cryptocurrency is currently trading around $65.25 as it continues to bleed out.
The trader’s analysis highlights the precarious situation facing Litecoin after its latest leg lower. The bear flag that appears to be taking shape on its chart is a decidedly negative technical formation.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +A decisive break below $38 support would open the gates for a potential decline towards the next major level around $25. Litecoin bulls need to see a sharp reversal back above $70 soon to invalidate the bearish momentum.
In summary, Litecoin is on shaky ground following its latest double-digit plunge. Traders should watch for a break of the $38 level to confirm the emerging bear flag pattern and renewal of the prevailing downtrend. Without a quick recovery, additional losses look likely for the major altcoin.
You may also be interested in:
- Kaspa Moves Similar to Solana in the Last Cycle, Analyst Shares Next Area of Interest for KAS
- Crypto Analyst Spots Bullish Pennant for Cardano (ADA) – But There’s a Catch
- Pullix (PLX) to Solve Liquidity and Transparency Issues – Captures Interest From Axie Infinity (AXS) and NEAR Protocol (NEAR) Traders
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
