Home Crypto Crypto Market Analysis Litecoin – Could It Reach The Median Line Again?

Litecoin – Could It Reach The Median Line Again?

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Litecoin (LTC)


Litecoin Market Cap: $5.67B

Circulating Supply: 56.96M LTC

Max Supply: 84M LTC

Volume (24h): $321.53M


Technical Analysis


Litecoin is trading in the red and seems too heavy to be stopped in the short term. Right now it is pressuring a dynamic support and could take it out as well. It should drop further if it will close below this downside obstacle.

The crypto market has started to drop aggressively and could resume the downward movement in the upcoming days, so, Litecoin is somehow expected to drop further as well.

 


 

Technically, it is expected to drop further after the breakdown from the major triangle pattern and below the 109 – 106 support zone. Right now it is pressuring the 150% Fibonacci line, so a breakdown will signal a drop at least until the upside 50% Fibonacci line of the descending pitchfork. The major downside target remains at the median line (ML) of the descending pitchfork.

We would have a great selling opportunity if the rate had retested the broken levels, but the rate moved down very quickly and I don’t know if we’ll have a retest.

It is somehow expected to drop after another failure to reach and retest the upper median line (UML) of the descending pitchfork. Litecoin also failed to stabilise above the sliding line (sl) of the descending pitchfork, so all the signs are bearish.


Conclusion


Technically, Litecoin market cap is expected to drop further even if we have a minor rebound and a retest. If you decide to sell it, then you should place a Stop Loss above the 129.870 former high and a Take Profit near the median line (ML), somewhere around $50.

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