Price Analysis

Litecoin Price Feared To Plunge More, Will It Slip Below $100?

Highlights

    Litecoin price was trending in a decisive phase and it appears that it has chosen the path to move towards the south

    The price plunge may not hold strong above $100 and a plunge below these levels appears to be programmed

    The only way to skip revisiting newer low levels is to regain the bullish momentum in order to move towards the lost positions

Litecoin price faced a sharp sell-off with the rest of the crypto market and currently in search of strong support levels. The price is attempting an intense rebound in order to test the support flipped into resistance levels at $155. However, if the price successfully sustains above $134, the bounce-back could be fruitful, else a major plunge may be fast approaching.

The LTC price was trending within an ascending triangle for the past couple of days and hence was in a decisive phase. A breakout may have been inevitable, yet the current crypto market sell-off squeezed the price to the lower levels. As per the predictions rolled out by an analyst, Stacking, the price may plunge down to $98.

The asset was, however, breaking the upper trend resistance levels after an intense consolidation. But the fresh slump that could be influenced by the China FUD broke the trend support levels around $153 and declined to $136 levels.

Also Read: How These Levels Of Bitcoin Price Are Destroying Everyone!

Litecoin Price Analysis

The litecoin price had risen enormously above $400 to record the highest levels at $412 before the asset fell into the bear market. The slump declined the price from the peak to as low as $117 including the mid-may crash. Since then the price trended with a narrow region and within an ascending triangle. 

ltcprice

The price failed to break the upper levels and chose to go down towards the support levels at around $118. However, the price is attempting hard to sustain at the present levels, without slumping more. Yet the currency may go down further if the bulls do not utilize the current discounted price in order to uplift with good numbers.

Technical Specifications

  • The resistance levels are at $161
  • The support levels are at $121
  • Indicators point out towards a sell signal

Also Read: Bitcoin Price Dropping, Is $30K Inevitable or Rebound To $35K Programmed?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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