What Litecoin price will need to do to prevent the upcoming sell-off


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  • Litecoin price is down 5% since the beginning of October.
  • The bears show several bearish cues hinting at their control of the trend.
  • Invalidation of the bearish thesis is a breach above $53.50.

Litecoin price shows multiple reasons to believe in a further downtrend. Key levels have been defined. 

Litecoin price points south

Litecoin price is down 5% on the month as the bulls are trying to maintain their position above the $0.50 barrier. A bearish death cross of the 8-day exponential and 21-day simple moving averages has been spotted in the last 24 hours, which spells a troublesome trajectory for Litecoin in the coming days.

Litecoin price currently auctions at $52.17. The largest candlestick within the current trading range belongs to the bears. The Volume Profile Indicator lacks evidence to believe that a strong retaliation from the bulls will occur. If market conditions persist, a sweep-the-lows event targeting the $48 liquidity level established in July is a potential bearish target.

tm/ltc12/22

LTC/USDT 1-Day Chart

A spike through the overlapping moving averages at $53.50 could invalidate the bearish outlook. The September highs at $64 could be challenged if the bulls break through the barrier once more. The said price action would result in a 25% increase from the current Litecoin price

In the following video, our analysts deep dive into the price action of Litecoin, analyzing key levels of interest in the market. -FXStreet Team

 

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