With the ongoing negative cycle in a consolidation range, the LTC price remains under high bearish pressure. It is evident by the downfall of 44% in the Litecoin market value before entering the sideways track.
Despite such an ongoing selling spree, the LTC price prediction holds a bullish viewpoint in the coming months.
Trapped within the tight crucial zones of $60 and $72, the LTC price takes a bearish route to test the bottom support. Moreover, the recent rejection from the 50-day EMA nullifies the possibility of an inverted head and shoulder.
As the rejection storm declines the chances of a bullish takeover, the falling prices warn of a prolonged correction rally. With a 10% drop in the last 10 days, the Litecoin prices are approaching the crucial $60 mark.
Currently, the LTC price is trading at $61.33 with an intraday growth of 0.38 percent, highlighting a morning star possibility. This potential reversal can pump the Litecoin value to challenge the 50-day EMA and increase the breakout chances to reach $70.
Technical indicators:
RSI indicator: The daily RSI line mimics the downfall following the consolidation range. This resulted in a drop close to the oversold boundary.
EMA: Keeping the bullish growth in check, the downtrend 50-day EMA is proving to be a dynamic resistance.
Considering the downtrend momentum takes a breather phase, the Litecoin prices may soon slingshot higher. Moreover, with the Bitcoin ETF decision this October, the altcoin may soon experience a sentiment-fueled spike.
If the Litecoin price exceeds the 50-day exponential moving average, it will create a bullish entry point for traders who have been waiting on the sidelines. In addition, breaking out above the 50-day EMA will put the $70 level in play before targeting the psychological $100 level.
If the downward trend continues, the price will break through the $60 level and test the bullish dominance at the $50 support level.
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