LITECOIN Price Prediction, LTC Bulls on Edge as Support Tested

The LTC price is on a declining trend, influenced by the 50-day EMA

In 2023, Litecoin experienced substantial selling pressure, bringing it close to a yearly low for over two months. Litecoin and multiple altcoins are navigating a sustained downtrend, marked by a robust resistance trendline that results in lower highs. Litecoin's price has steadied around $60, hinting at a possible recovery to regain control. Currently, it's trading in the range of $60 to $72, facing notable bearish pressure. Breakout attempts are being hindered by the declining 50-day EMA.

Technical View:

Based on Coingabbar Price Analysis, Litecoin is currently facing challenges staying above $62.50 against the US Dollar, much like Bitcoin. If it fails to maintain support around $60.00, there is a potential for further price declines. Despite several unsuccessful attempts to break above $70, LTC is forming lower highs, indicating strong bearish sentiment. The recent rejection from the 50-day EMA, as shown by a long-wick candle, signals a negative trend. Buyers are struggling to keep control over the $60 support level, and unless LTC manages to breach and close above the 50 Day EMA, the chances of a reversal seem slim for Litecoin.

KEY LEVELS :

RESISTANCE LEVEL : $63.50-$66.50

SUPPORT LEVEL : $59.00-$56.00

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.