- LTC price weekly close hints at further decline.
- Litecoin price displays the first breach of the weekly RSI since 2020.
- Invalidation of the bearish thesis is a breach at $101.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
WIF price rallies 60% as Dogwifhat’s photo sells as NFT for $4.3 million
Solana meme coin Dogwifhat’s photo was purchased by web3 pioneer Global Coin Research as an NFT. GCR’s purchase likely catalyzed a rally in WIF, with prices increasing 60% on Monday.
Solana-based meme coin SLERF surges more than 3,700% as developer burns $10 million presale tokens
Solana-based tokens have dominated the meme coin narrative with nearly double-digit gains in the past week. A recently launched meme coin project called SLERF is making headlines for the “accidental” burn of nearly 50% of the token’s supply.
XRP price recovery likely catalyzed by upcoming lawsuit deadline and key events for XRP holders
XRP price wiped out its weekly gains over the weekend but managed to stay above $0.62 early on Monday. XRP price begins recovery on Monday as traders anticipate activity in the altcoin with upcoming events.
Crypto AI token rally persists, ignited by NVIDIA AI conference
NVIDIA AI conference, starting on Monday, is considered a key AI event as market participants await the unveiling of the next AI chip, B100. NVIDIA’s influence extends to the mining sector in crypto as its chips are focused on high-performance GPUs.
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.