Price Analysis

Litecoin Price Trapped In a Make-or-Break Situation; Watch this Before Buying

The Litecoin price action triggers a bearish pattern to resume the prevailing downtrend. How far could the potential downfall go?
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Litecoin Price Trapped In a Make-or-Break Situation; Watch this Before Buying

On September 18th, the Litecoin price triggered a rising parallel channel pattern with the breakdown of the long-coming support trendline. However, the price is currently stuck in a retest phase, and the lower price rejection candles there indicate weakness in buyer’s commitment. Thus, the interest needs better confirmation before they position their fund in LTC.

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Key points Litecoin price analysis: 

  • The channel pattern breakdown hints at the continuation of the prevailing downtrend
  • A slight bullish divergence in the RSI slope indicates rising bullish momentum
  • The intraday trading volume in the Litecoin coin is $828.5 Million, indicating a 47.5% gain.

Source-Tradingview

The LTC price maintained an uptrend for the past three months under the influence of a rising channel pattern. The bullish channel registered a 66.5% rise as the coin price marked a record high of $67.7.

However, in theory, the rising channel is a bearish continuation pattern and intensifies the bearish momentum with the breakdown of the support trendline. Moreover, the Litecoin price struggled to surpass the monthly resistance of $64.

Amid the recent sell-off in the crypto market, the altcoin turned down from the $64 levels and gave a massive break down from the support trendline. The following retests phase tests the broken support trendline providing a lucrative selling opportunity. 

However, the altcoin is struggling to sustain below the $52.2 local support, and the Doji-type candle formation indicates uncertainty among market participants.

Thus, a candle closing below $52.2 will give a better confirmation of potential downfall. Thus a prolonged correction phase will tumble the prices 24% down to $41 support.

However, despite the crumbling market conditions and the increasing volatility questioning the uptrend, a price jump above the support trendline will change the dynamics. 

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Technical indicator

DMI: with a post-retest reversal, the bearish gap between the DI lines will increase, intensifying the underlying bearishness. Meanwhile, the trend momentum falls as the ADX line maintains a declining trend. 

EMAs: the downsloping 20-and-50-day EMA may assist sellers in continuing the bearish trend.

  • Resistance Levels: $57.5 and $64
  • Support Levels: $52 and $47
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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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