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- Litecoin value has retreated 14% prior to now 24 hours and 23% prior to now week
- Value has additionally damaged under an ascending channel trendline assist.
- Can bulls stem post-halving dump?
Litecoin value has declined 14% prior to now 24 hours so as to add to the ache bulls have skilled over the previous three weeks. The cryptocurrency, which efficiently underwent its third block reward halving early this month, traded to lows of $60.75 and has plummeted 23% prior to now week.
Why did Litecoin value go down at present?
LTC’s newest value decline got here as most prime cryptocurrencies by market cap dumped closely on the again of Bitcoin’s sharp plunge to the $25k space. This was after buyers spooked by rumours associated to Elon Musk’s SpaceX BTC holdings offered off, with the 24-hour crypto liquidations leaping to over $1 billion on Friday.
The downward strain cascaded to altcoins, which noticed Ethereum nosedive to under $1,575 and XRP contact the technical assist space of $0.50. Litecoin’s response was for its post-halving rot to deepen and depart bulls poised at a key stage that threatens additional declines.
LTC value technical outlook
As seen on the every day chart under, the breakdown from highs of $114 in early July has all however wiped pre-halving positive aspects. The psychologically essential $100 is as soon as once more the first horizontal resistance stage whereas $60 is now essential for bulls.
Litecoin value on every day chart. Supply: TradingView
The weekly chart additionally provides a bearish outlook, with the RSI indicator signaling detrimental momentum. The chart additionally exhibits that LTC has damaged under the assist line of an ascending parallel channel in place since mid-Could 2022. The decisive breakdown suggests bears have the higher hand.
Litecoin value on weekly chart. Supply: TradingView
If the value breaks down from $60, Litecoin dangers new declines of 30% or extra to $40. Whereas a rebound might materialize within the brief time period, bulls will stay below strain until value strengthens within the $80-$100 area.