At the times when most of the crypto assets are on the verge to revisit their respectively lower levels, Litecoin price also could follow them. The asset which was believed to be highly undervalued smashed the highest level after a very long time. However, the mid-may crash changed the entire plot as the LTC price is now feared to shed some more gains.
The consecutive plunges within the crypto space have hampered the stability of most assets. Litecoin price also slashed from its yearly highs above $400, yet was able to sustain above $100 levels. But, in the recent update, the price has showcased a bearish signal which targets the lower lows.
A popular analyst, T_V_TreeTrader predicts the price could plunge down to $110 area as the parabolic SAR dots are formed above the price.
The parabolic SAR dots are the graphical indicators that signal bullish or bearish movement. The dots below the price signifies a bullish trend whereas above the price indicates a bearish trend. As seen in the chart displayed by the analyst, the price broke the lower channel of the triangle at $131.
Will Litecoin Price Plunge Below $100?
Interestingly the price is attempting hard to regain the levels within the triangle, yet the bears seem to be stronger as the buyer is not able to more pressure. However, the constant selling could continue after a very small recovery. Yet the price could break the barriers as the trading volume also has jumped considerably from being negative to more than 18%.
In case the price initiates with an uptrend trend, it needs to reclaim the position above $130. Further, a jump close to $150 can validate the bullish trend and the $170 area could confirm a bull rally.
If the LTC price fails to accumulate bullish momentum, a substantial plunge towards the support levels around $106 is imminent. If the Litecoin price fails to sustain above these levels, then it could revist the levels below $100.