The crypto space is undergoing a roller coaster ride ever since the beginning of 2023 as the prices have been varying largely. Bitcoin and other popular tokens are slowly gaining strength as they are approaching their crucial resistance. In the meantime, the lite version of Bitcoin, Litecoin is flashing extreme bearish signals. The token is believed to drop hard by nearly 30% to mark the bottom close to $65 in the coming days.
The price broke above the multiyear trend line that it followed ever since it marked the high in April 2021. The price broke the descending trend with a bullish move that sparked at the beginning of the 2023 trade. The RSI is swinging along the average range while a significant bearish pressure has mounted due to which a descending trend could be imminent.
While the entire market was still growing well in the previous week, the LTC price stopped before an important level. Therefore, in the coming days, the LTC price may begin a significant downward correction which could be followed by the entire crypto space. Therefore, the idea time to get into a long trade could be around the range of $65 to $73.
Here are the insights for the Litecoin Price:
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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With the crypto market gaining momentum over the last couple of weeks, it has been hard to miss the bullish trends of most of the major cryptocurrencies, with litecoin also seeing strong gains. But with the recent news that litecoin may be primed to drop by more than 25%, traders need to start looking for the bottoms.
Litecoin has been one of the currencies leading the charge in the recent rally, with its price climbing more than 24% over the past few days. However, experts now believe that litecoin is ready to take a downturn, potentially dropping by a quarter of its current value in the near future.
Short-term traders usually take a hit in any bearish sentiment, but savvy investors can also use this period to start looking for the bottoms. By analyzing the litecoin charts, traders can identify the points where the price may hit the bottom.
Investors can also check out online forums of exchanges, where traders and investors from all around the world come to share their opinions and discuss potential investments. These forums act as a hub of information, and by studying the market sentiment, traders can get a better idea about where the price might hit the bottom.
In addition, traders can also watch out for support and resistance levels, as these points can also determine the bottom. By paying attention to the stock prices at these points, traders can have a better grasp of the trend and make sure that they are taking advantage of any opportunities that come their way.
Overall, litecoin may be primed to take a drop in the near future. However, with the right analysis and research, traders can find the bottoms, opportunistically maximizing their gains while avoiding any losses.
