fxstreet.com
- Litecoin price is down 5% since the beginning of October.
- The bears show several bearish cues hinting at their control of the trend.
- Invalidation of the bearish thesis is a breach above $53.50.
Litecoin price shows multiple reasons to believe in a further downtrend. Key levels have been defined.
Litecoin price points south
Litecoin price is down 5% on the month as the bulls are trying to maintain their position above the $0.50 barrier. A bearish death cross of the 8-day exponential and 21-day simple moving averages has been spotted in the last 24 hours, which spells a troublesome trajectory for Litecoin in the coming days.
Litecoin price currently auctions at $52.17. The largest candlestick within the current trading range belongs to the bears. The Volume Profile Indicator lacks evidence to believe that a strong retaliation from the bulls will occur. If market conditions persist, a sweep-the-lows event targeting the $48 liquidity level established in July is a potential bearish target.
LTC/USDT 1-Day Chart
A spike through the overlapping moving averages at $53.50 could invalidate the bearish outlook. The September highs at $64 could be challenged if the bulls break through the barrier once more. The said price action would result in a 25% increase from the current Litecoin price