Litecoin’s $200 dream might need to take a backseat

Source Fxstreet
Mar 30, 2024 08:26
  • Litecoin price tackles the declining trend line for the third time in nearly two years.
  • A breakdown of the $100 psychological level could lead to a correction to $90 or lower levels.
  • A breakout above the declining trend line could trigger a move of $119 or higher. 

Litecoin (LTC) price has been stuck under a declining trend line, producing lower highs. This development is likely to lead to correction, considering the Bitcoin (BTC) market outlook, which is already bearish.

Also read: Bitcoin Weekly Forecast: BTC looks set for correction amid increasing sell signals

Litecoin price at crossroads 

Litecoin price crashed 69% between November 2021 and February 2022, after which the selling pressure slowed down. Since then, LTC has produced three distinctive lower highs, which can be connected via a declining trend line that serves as a resistance level. The current retest has cleared the weekly hurdle at $100 but has not yet breached the trend line. 

If the Bitcoin price outlook shifts from sideways to correction, the third retest of the declining trend line for Litecoin price will result in a similar move to the last two. For now, investors can expect a breakdown of the $100 psychological level, followed by a correction to the $90 support level, roughly 13% lower.

A bounce here would be a great buying opportunity, especially if BTC’s outlook changes. In such a case, Litecoin price recovery rally could propel LTC to $119. In a highly bullish case, the altcoin could eye a retest of the $150 key level or the $200 psychological level. Either way, the retest of $200 could take a while.

LTC/USDT 1-week chart

LTC/USDT 1-week chart

While the short-term bearish outlook for Litecoin price looks promising for long-term holders, investors need to pay close attention to Bitcoin price. 

If BTC undergoes a steeper correction, it could cause Litecoin price to breach the $90 support level and nose dive 16% to the next key support level at $75.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
ONDO extends gains by 4% with rise in non-empty wallets, hits new all-time highData from crypto intelligence tracker Santiment shows that Ondo ranks among top trending tokens among cryptocurrency.
Source  Fxstreet
Data from crypto intelligence tracker Santiment shows that Ondo ranks among top trending tokens among cryptocurrency.
placeholder
Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behindKabosu, the popular Shiba Inu dog that inspired the logo of the largest meme coin by market capitalization, Dogecoin (DOGE), died early on Friday after losing her fight to leukemia and liver disease.
Source  Fxstreet
Kabosu, the popular Shiba Inu dog that inspired the logo of the largest meme coin by market capitalization, Dogecoin (DOGE), died early on Friday after losing her fight to leukemia and liver disease.
placeholder
Ripple whales added 60 million XRP to their holdings in May, digesting developments in lawsuitRipple (XRP) is being accumulated by large wallet investors as XRP holders await a court ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the firm.
Source  Fxstreet
Ripple (XRP) is being accumulated by large wallet investors as XRP holders await a court ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the firm.
goTop
quote