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Litecoin LTC price drops 10 percent with more losses coming, say analysts

The cryptocurrency market continues to bleed today as Bitcoin sheds almost five percent of its value (4.17 percent), closing in on the $9,000 mark. Unfortunately, only a handful of coins have managed to escape the bloodshed. Litecoin isn’t one of them. At the time of writing, the Litecoin LTC price has dived over 10 percent (10.26 percent), trading at $66.59 at the time of writing.

Litecoin LTC price chart provided by TradingView

As such, many analysts have taken an understandably pessimistic view on Litecoin’s price in the near term. 

What analysts are saying about the Litecoin LTC price

As per Trend_Father’s analysis, if Litecoin holders want to see the price grow to $75.40, the price will need to be fixed above the support level of $69.96. This breakthrough would coincide with a -100 on the Commodity Channel Index (CCI), which compares the current price with an average price over a period of time. 

However, if buyers fail to reach this level and sellers keep the price below the support level of $69.96, then we could see the Litecoin LTC price dropping to $66.41, where it will form a double bottom (occurs when the price drops, makes a slight rebound, drops back to a similar level before finally sinking even lower). 

Litecoin LTC chart provided by Tradingview

Similarly, analyst David_Smith believes the LTC price is going to get worse before it gets better. He states that Litecoin LTC price has lost its place in the horizontal marker and is now below the mid-level of the descending channel. Additionally, because Litecoin closed below the horizontal, the coin is now in a bearish engulfing, a pattern that signals lower prices on the way. 

Litecoin LTC price chart provided by TradingView

While the overall sentiment is rather pessimistic, the crypto market is very volatile. With a bit of luck, we’ll see a rebound before too long. 

Featured image by Pixabay

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

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