#Litecoin Drops 40% As LTC Sellers Aim For $60
Past Performance of Litecoin
Litecoin is down roughly 40% from February highs, looking at the arrangement in the daily chart. The trend is established, and the path of least resistance is southwards. Bears have been resilient, following losses below $90 in early March, aggressively dumping on every pullback.
#Litecoin Technical Analysis
The immediate trend is bearish, and sellers are pressing on the liquidation pedal at the driving seat. At this pace, not only can LTC bears reverse gains of the better part of Q1 2023, but if the momentum is strong, the coin might drop to retest December lows at around $60. As it is, the March 8 bear bar is wide-ranging, with rising volumes, meaning the momentum is high. Traders can liquidate on every attempt higher below $90 setting sights on $60 in the near term.
What to Expect from #LTC?
Unless otherwise there is a counter bar with equally rising volumes rewinding yesterday's losses, the downtrend remains. Therefore, sellers may search for entries to liquidate with targets at crucial support lines in the short term.
Resistance level to watch out for: $90
Support level to watch out for: $60
Disclaimer: Opinions expressed are not investment advice. Do your research.
Litecoin is down roughly 40% from February highs, looking at the arrangement in the daily chart. The trend is established, and the path of least resistance is southwards. Bears have been resilient, following losses below $90 in early March, aggressively dumping on every pullback.
#Litecoin Technical Analysis
The immediate trend is bearish, and sellers are pressing on the liquidation pedal at the driving seat. At this pace, not only can LTC bears reverse gains of the better part of Q1 2023, but if the momentum is strong, the coin might drop to retest December lows at around $60. As it is, the March 8 bear bar is wide-ranging, with rising volumes, meaning the momentum is high. Traders can liquidate on every attempt higher below $90 setting sights on $60 in the near term.
What to Expect from #LTC?
Unless otherwise there is a counter bar with equally rising volumes rewinding yesterday's losses, the downtrend remains. Therefore, sellers may search for entries to liquidate with targets at crucial support lines in the short term.
Resistance level to watch out for: $90
Support level to watch out for: $60
Disclaimer: Opinions expressed are not investment advice. Do your research.
