LITECOIN PRICE ANALYSIS & PREDICTION (June 27) – LTC Sets To Continue Dip After A Short Break, Where Will It Head Next?

2024-6-27 08:12

Litecoin advanced bearish this week and dipped to a new low after four months of trading. After witnessing a small recovery yesterday, it faced rejection and now looks ready to resume selling pressure on the day.

Litecoin went through a series of reductions in the past weeks following a sell order from $89 last month, making it the second phase of the bearish correction that started from $113 in April.

This brought roughly a 40% correction in the price to $67.5 this week – marking its lowest price level since February 21. It made a short bounce on Monday and increased to $72 yesterday with a small gain.

Due to little to no buying pressure today, bears stepped back and pulled the price briefly to $71 – where it is changing hands at press time. If we adjust to the 4-hour timeframe, the price is on the verge of losing grip again.

Following this bearish signal, we can expect a continuous breakdown in the coming hours. The current low remains a key selling price target. A daily candle close below it might cause more havoc in the market while the bulls suffer loss.

And if the mentioned low contains selling pressure, we can anticipate a notable recovery to $84 before deciding on where next to head. Having said that, LTC remains in a downward range on the daily timeframe.

LTC’s Key Level To Watch Source: Tradingview

As the bears target the $67.5 support level, a break below it could bring us to $64 and perhaps the psychological $60 level in the next few days

Apart from the recent rejection point, Litecoin holds resistance at $75. Higher levels to watch above this resistance are $78.3 and $82 on the daily chart.

Key Resistance Levels: $75, $78.3, $82

Key Support Levels: $67.5, $64, $60

Spot Price: $71 Trend: Bearish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: pitinan/123RF // Image Effects by Colorcinch

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Litecoin (LTC) на Currencies.ru

$ 89.35 (-1.20%)
Объем 24H $1.137b
Изменеия 24h: 3.76 %, 7d: 9.59 %
Cегодня L: $82.16 - H: $90.53
Капитализация $6.721b Rank 21
Цена в час новости $ 72.08 (23.96%)

litecoin small recovery trading four months yesterday

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