Litecoin’s recent close below an ascending trendline is a bearish indicator for its future price trajectory. Over the weekend, LTC fell below the critical 200-day EMA at $70.63 and traded at approximately $66.60 by Monday. Analysts predict if the $68 resistance holds, Litecoin could plunge back to its late-August levels around $59, marking over an 11% drop.
The Relative Strength Index (RSI) currently stands at 43, signaling bearish momentum as it remains under the neutral threshold of 50. Additionally, increased activity from previously dormant wallets, noted by Santiment’s Age Consumed index, often precedes price declines, suggesting further downward movements are likely.
Complementing this sentiment, the Sentiments Network Realized Profit/Loss (NPL) indicator saw a significant drop, emphasizing increased selling pressure as holders realize losses. However, a reversal above the $70.63 mark and maintaining levels above $71.25 could invalidate the bearish outlook, potentially pushing LTC toward the $76.19 mark observed in mid-October. Market participants should watch these developments closely as the situation unfolds to see if there are signs of Litecoin’s market direction.
Litecoin Faces Downward Trend, Technicals Suggest Drop
