Litecoin price targets $33 as UK Inflation report induces more sell-offs

Litecoin price action is prepping for more decline as multiple indicators hint at newfound bearish power.

Litecoin price aims for $33

Litecoin price has printed a large bearish engulfing candle on the weekly chart. If market conditions persist, the Litecoin price could continue in a free-fall decline. Today the LTC price trades at $69, just below last week's settling price of $70. The lack of countertrend price action thus far could be due to a UK inflation report set to trigger long-term investors to trade in their digital assets for safer options.

Litecoin price provides confluence for a $30 target using a Fibonacci projection tool. The potential measured from the 2021 high at $416 projected into the 2021 lows at 103 presents a 161.8% Fib level in the $30 vicinity. The slope of the current sell-off also hints at a wave three price action. The Relative Strength Index has also recently breached the buyers' territory on the weekly chart for the first time since 2020. When combined, the bears appear to be prepping for a monstrous downslide.

LTC/USDT 1-Day Chart

Invalidation of the bearish thesis remains at $101. If the bulls can breach $101, the $130 zone could be an excellent countertrend target, resulting in a 88% increase from the current Litecoin price.