![Litecoin Dips 11% Alongside Other Altcoins, Analyst Says LTC Could Likely Plunge To This Level](https://captainaltcoin.com/wp-content/uploads/2023/07/P2P-Review-2023-07-30T133531.167.png)
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.
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-40-1024x666.png)
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.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
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.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.