The price of Litecoin (LTC) has broken down from a diagonal support level after being rejected from a long-term horizontal resistance, resulting in a swift decrease. The price is now struggling to find support and could find it at the closest Fib level. The upward movement of the LTC price since June 2022 led to a yearly high of $105.70 in February, but the price failed to break $100 horizontal resistance. The move created a double top pattern and a bearish engulfing candlestick, which suggests a continuation of the downward movement.
The technical analysis from the daily time frame gives a bearish LTC price prediction, with the first reason being a price breakdown from a short-term ascending support line. The daily RSI has also moved below 50 and is decreasing, indicating a bearish trend. Fibonacci retracement levels suggest that the closest support will be between $73 and $80, with the $73 level coinciding with the long-term ascending support line, making it more likely to act as the bottom.
A weekly close above $100 will indicate a bullish trend, with a movement to $130 being the most likely scenario. This article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research and seek professional guidance before making any financial decisions.
