Litecoin price faced a sharp sell-off with the rest of the crypto market and currently in search of strong support levels. The price is attempting an intense rebound in order to test the support flipped into resistance levels at $155. However, if the price successfully sustains above $134, the bounce-back could be fruitful, else a major plunge may be fast approaching.
The LTC price was trending within an ascending triangle for the past couple of days and hence was in a decisive phase. A breakout may have been inevitable, yet the current crypto market sell-off squeezed the price to the lower levels. As per the predictions rolled out by an analyst, Stacking, the price may plunge down to $98.
The asset was, however, breaking the upper trend resistance levels after an intense consolidation. But the fresh slump that could be influenced by the China FUD broke the trend support levels around $153 and declined to $136 levels.
Litecoin Price Analysis
The litecoin price had risen enormously above $400 to record the highest levels at $412 before the asset fell into the bear market. The slump declined the price from the peak to as low as $117 including the mid-may crash. Since then the price trended with a narrow region and within an ascending triangle.
The price failed to break the upper levels and chose to go down towards the support levels at around $118. However, the price is attempting hard to sustain at the present levels, without slumping more. Yet the currency may go down further if the bulls do not utilize the current discounted price in order to uplift with good numbers.
- The resistance levels are at $161
- The support levels are at $121
- Indicators point out towards a sell signal