Litecoin Breached the 200-Day EMA: Can Bears Push LTC Toward $60?

• 1 Litecoin trades with a bearish bias and directs selling pressure on the charts.
• 2 LTC price slips below the major support 200-day EMA mark.

Litecoin (LTC) seems in trouble now, and its price has dragged below the 200-day EMA mark, causing bearishness on the charts.

For weeks, the Litecoin price hovered inside a range and remained stable. In yesterday’s session, sellers targeted LTC and pushed it below the key support zone of $80.

The Litecoin price has now slipped below its major support and is on the verge of a range breakdown.

If sellers continue to showcase dominance and succeed in breaching the $75 mark, a massive impulsive down move over 10-15% can be seen, which may lead LTC price toward the $60 mark ahead.

At press time, the Litecoin price traded at $79.43 with an intraday drop of 5.30%, reflecting bearishness on the charts. It has a monthly return ratio of -2.30% and -10.20% yearly, reflecting a short-term bearish outlook.

The pair of LTC/BTC is at 0.00115 BTC, and the market cap is $5.85 Billion. Analysts are neutral and suggest that the LTC price may register a range breakdown and drag gains toward the $60 mark ahead.

Litecoin Lost Momentum: Is LTC Ready for a Sharp Fall Ahead?

The daily charts of Litecoin reveal selling pressure and direct rejection from the top. Trading in the downside trajectory, Litecoin’s price is heading toward its make-or-break support of $75.

Moreover, it is trading below its significant moving averages and directs underperformance on the charts.

Untilthe Litecoin price retains the $90 mark, the selling pressure will remain intact, and more downsides can be seen.

Source: TradingView

Moreover, the trading volume spiked over 69.90% to $773.90 Million, reflecting the potential downove ahead. Notably, Litecoin has ranked at 23 per the market capitalization and has a total supply value of 73.68 million.

The Relative Strength Index (RSI) curve dragged below the midline region, and a negative crossover was observed on the charts.

Per the price action, sellers are willing for a possible down move and may push LTC toward its demand zone of $60 in the upcoming trading sessions.

Likewise, the LTC price is on the verge of its lower Bollinger band support region and trades close to the 23.6% Fib support zone.

@IntoTheBlock, in his recent tweet, mentioned that Litecoin (LTC) had experienced a surge of over 75% in the number of active addresses yesterday, reaching the highest level since January and surpassing Ethereum by over 100,000.

Source: X

What Do Social Insights Reveal About Litecoin?

Despite the price decline, the social dominance value surged over 30% this week, reaching 0.683%, witnessing a neutral outlook.

Source: Santiment

Going forward, the X (Twitter) followers’ data remained close to -29 and is still in negative territory.

Development Activity and Open Interest Data Overview

The development activity data remained flat in the downside region and did not showcase any major changes in the past sessions. The value was noted at 0.071, revealing a negative outlook.

Source: Santiment

Meanwhile, the open interest data dropped over 7.68% to $334.24 Million in the last 24 hrs and is guiding the long unwinding activity. The immediate support levels for Litecoinare $75 and $68, whereas the critical upside hurdle is around $83, followed by $90.

Conclusion

Litecoin looks bearish on the charts and reveals selling pressure in the last trading session. The LTC coin might see a range breakdown and stretch the down move below $75 soon.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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