Litecoin Primed to Drop by more than 25% soon-Here’s Where you can Find the Bottoms!
The crypto space is undergoing a roller coaster ride ever since the beginning of 2023 as the prices have been varying largely. Bitcoin and other popular tokens are slowly gaining strength as they are approaching their crucial resistance. In the meantime, the lite version of Bitcoin, Litecoin is flashing extreme bearish signals. The token is believed to drop hard by nearly 30% to mark the bottom close to $65 in the coming days.
The price broke above the multiyear trend line that it followed ever since it marked the high in April 2021. The price broke the descending trend with a bullish move that sparked at the beginning of the 2023 trade. The RSI is swinging along the average range while a significant bearish pressure has mounted due to which a descending trend could be imminent.
While the entire market was still growing well in the previous week, the LTC price stopped before an important level. Therefore, in the coming days, the LTC price may begin a significant downward correction which could be followed by the entire crypto space. Therefore, the idea time to get into a long trade could be around the range of $65 to $73.