Litecoin experienced a surge yesterday, breaking below a wedge pattern and confirming a bearish pennant breakdown on the daily chart. This has led to a bearish sentiment in the market. Over the past two months, LTC has seen ups and downs, with a recent surge followed by a drop to $75. Despite a bounce to $80, further losses are expected in the coming days.
If the recent low holds, there may be a chance for a bullish comeback. However, if the price falls below $60, a significant downturn could be on the horizon. Currently, the market is leaning towards a bearish sentiment, and potential support levels need to be considered for the next drop.
Key support levels to watch on the daily chart are $78.3 and $75, with $70.50 as a lower level to keep an eye on. Resistance levels include $82, $85.85, and $89.6. Reclaiming these levels could signal a shift in control back to the bulls.
At the moment, the spot price is at $80.2, with the trend being bearish and volatility remaining high. It’s important to conduct thorough research before making any trading or investment decisions in the cryptocurrency market.
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