Technical analysis of Litecoin reveals concerning patterns indicating a possible price decline in the near future.
Current Situation with Litecoin
Litecoin is facing a serious technical issue. The recent months have seen a clear descending trendline, indicating consistent selling pressure. Despite buyers' attempts to turn the market around, each attempt has met significant seller resistance, leading to a series of lower highs.
Potential Downside Levels
The analysis suggests that if the current support level is breached, the next significant zone may lie approximately 24-25% below current prices. Based on technical patterns and past market behavior, this move seems likely unless the descending trendline can be decisively broken.
Overall Outlook for Litecoin Market
In the short term, bounces might occur but are likely to face strong resistance at the trendline. A confirmed breakdown below the three-month support could trigger increased selling pressure, reinforcing the overall bearish market structure.
The Litecoin market remains under sellers' control, and to avoid further decline, the price needs to break through the descending trendline.
