Litecoin

Litecoin presents shorting opportunity before LTC hits $70

Litecoin price action is forming one of the most sought-after bearish chart patterns in technical analysis.

Lower lows continue to be the norm for LTC.

One final support zone for Litecoin price is present at $103, but participation and buying are weak.

Litecoin price has some of the most persistent and bearish activity out of all the major cryptocurrencies. From the all-time high of $414 on May 10, 2021, to the current major swing low of $92 found on February 24, 2022, Litecoin has lost $321 or almost 80% of its value. If the market were to rate which cryptocurrencies are leaders at losing, Litecoin would be light years ahead of most of the market.

Litecoin price is inside of the most sought-after bearish continuation patterns in technical analysis: the descending triangle. Whether the descending triangle appears at the top or the bottom of the market, it is universally and statistically viewed as an extremely bearish pattern. Moreover, regarding its performance as a bearish pattern, it is second only to the rising wedge pattern in strength.

With any triangle pattern, there is some common (but not required) behavior associated with triangles:

Breakouts often occur within the final 1/3rd of the pattern.

Volume drops off before the breakout.

Pullbacks to retest the break of the triangle frequently happen (between 40% - 60% of the time).

For Litecoin price, the final support level holding LTC up is the Tenkan-Sen and bottom of the descending triangle at $103. If $103 fails as support, the next target bears will likely push LTC before covering the 100% Fibonacci expansion at $70.

LTC/USD Daily Ichimoku Kinko Hyo Chart

For bulls to mitigate any near-term selling pressure, at a minimum, they’ll need to return Litecoin price to a close inside the Ichimoku Cloud. Buyers can invalidate any short bias by closing Litecoin above the Ichimoku Cloud at or above $132.50, triggering an Ideal Bullish Ichimoku Breakout.

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Litecoin (LTC) Resistance Cluster Could Drop It To $80 - LTC Price Prediction, Technical Analysis 

For Litecoin to begin a new bull run, it has a substantial amount of resistance to get through - and at this point, it doesn't seem like it has buyers or the attention to make that happen. Lower seems like the name of the game for Litecoin.

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Litecoin Price Prediction: LTC/USD Beats the Market with 7.69% Gains

Litecoin Price Prediction – February 28

The Litecoin price happens to be one of the best-performing coins as it breaks to the upside to touch the daily high of $111.

LTC/USD Market

Key Levels:

Resistance levels: $150, $160, $170

Support levels: $65, $55, $45

 

LTCUSD – Daily Chart

At the time of writing, LTC/USD is crossing above the 9-day moving average as the coin hit gains of over 10% in the last 24 hours. The coin is trading above the 9-day moving average and could also cross above the 21-day moving average if the bulls put more effort while the technical indicator Relative Strength Index moves above 45-level.

Litecoin Price Prediction: Litecoin (LTC) Could Target $120 Level

Looking at the daily chart, the Litecoin price keeps moving with high pressure towards the upper boundary of the channel. The coin is now roaming around the $110.97 level, but if the market continues the surge and squeeze; the $120 resistance level may surface in the next few positive moves. Similarly, Litecoin (LTC) might further look for higher levels if the bulls show commitment.

Moreover, the market is currently displaying a sign of subduing volatility with prices ready to stay above the channel. Meanwhile, with the look of things, traders can see that the trading volume is rising heavily. Therefore, if LTC/USD decides to stay under the control of the bulls, the price may spike to the potential resistance levels at $150, $160, and $170. But on the downside, any movement towards the lower boundary of the channel may bring the price to the support levels of $65, $55, and $45 respectively.

Against Bitcoin, Litecoin (LTC) keeps sliding below the 9-day and 21-day moving averages to reach the nearest support at 2500 SAT. This support may be effectively exceeded and the price could eventually need to close below it, therefore, there might not be any reason to expect the long-term bullish reversal.

 

LTCBTC – Daily Chart

However, if the coin continues to face the south, it could refresh lows under 2200 SAT and a possible bearish movement may meet the major support at 2100 SAT and below while the buyers could push the market to the potential resistance at 3200 SAT and above but the technical indicator Relative Strength Index (14) is heading to the negative side.