Litecoin (LTC) is one of the digital cryptocurrencies that is highly volatile and is able to go through sharp movements in price. Recently, the LTC price reached a yearly high of $105.70 in February, but it failed to break out from the $100 horizontal resistance area and was rejected by it twice. This led to the creation of a double top pattern, which is bearish, and a bearish engulfing candlestick to ultimately cause the price to decline.

Currently, the LTC price is struggling to find support and is close to the long-term ascending support line at $74. Analysts also assume that if the downward momentum continues, it could reach the closest Fib level of support at $73 and $80, which would also coincide with the ascending support line. They further assume that in this case the 0.618-0.786 Fib retracement levels could indicate the peak of possible future upward movements.

In addition, the daily Relative Strength Index (RSI) has moved below 50 and is decreasing, indicating that the bearish market conditions could prevail in the near term. While a weekly close above $100 could hint of a bullish trend and the price could reach up to $130, a break below the current $100 resistance could make the way downward towards $73 or $80.

Whatever may be the eventual outcome, the current price movements of Litecoin (LTC) serve as a reminder that it is a highly volatile asset and caution should be observed by its traders as well as investors.



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