Litecoin Price Prediction: Is This Recovery Or Bear Trap?
Over the past two weeks, the (Litecoin)LTC buyers struggled to sustain above the breached resistance trendline of the channel pattern. However, despite the combined support from 20-and-50-day EMA, the altcoin slumps beneath this support, projecting a 5.22% intraday fall.
Key points
- The channel pattern fakeout teases a revisit to last quarter’s bottom support at 100
- The daily-RSI chart slips into the bearish territory
- The intraday trading volume in the Litecoin coin is $907.5 Million, indicating a 14% loss.
Source- Tradingview
On March 24th, the (Litecoin)LTC price witnessed a bullish breakout from the falling channel pattern. The breakout rally reached a high of the $134 mark, the highest level since Mid-February. Furthermore, the altcoin pulled back to retest this breached trendline.
The LTC price spent nearly two weeks trying to sustain above the descending trendline. However, today the crypto market experienced a sudden sell-off which plunged the altcoin below the trendline and $116 support.
A successful closing below these support levels may confirm a pattern fakeout, which would intensify the supply pressure. The sustained selling will dump the altcoin to the bottom support at $100.
Contrary to the bullish thesis, if buyers revert the Litecoin price above the breached trendline, the pattern breakout remains intact, and so does the possibility of reaching the $167 mark.
Technical indicator
Due to the current price drop, the LTC buyers lost the 20-and-50-day EMA support. As a result, these EMA lines could flip to possible resistance levels if coin prices sustain this fakeout.
The daily-RSI slope shows a sudden drop below the equilibrium, indicating a bearish sentiment in the market.
- Resistance level- $141 and $153
- Support levels- $116, and $100-$98
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