The sharp downturn in the cryptocurrency market intensifies pressure on altcoins, but Litecoin (LTC) shows relative stability.
Defending Crucial Support
Litecoin's current downtrend can be traced back to a failed breakout attempt from a descending triangle on February 21, rejected at $140, leading to a downward move. During market turbulence, LTC fell to $92, defending crucial 200-day moving average (MA) support. LTC now trades slightly above this level, around $96. The MACD shows bearish momentum, but if support holds, a move toward the 100-day MA at $114 is possible. Failure to hold may lead to a test of the $80 level.
Litecoin Halvings and Breakouts
Historical analysis of halving events indicates LTC follows cyclical accumulation patterns before breakouts. Weekly chart analysis shows previous halving cycles marked by Fibonacci retracement (0.618) before rallying, suggesting a potential accumulation zone before another breakout.
Final Thoughts
Litecoin maintains key support at $96 after dipping to $92. A breakout above $114 signals recovery, while failure to hold may test $80. Historical patterns support potential for long-term growth.
Investors should closely monitor LTC's price movement as the next few days could determine its short-term trend.
