Litecoin has experienced a significant price drop of over 5% in the past day, raising concerns in the market.
Current Market Situation
In recent days, Litecoin lost support at the $108 level, leading to an accelerated price drop to $92.795 and then to the current levels around $88.51. Technical indicators suggest that if selling pressure persists, the price may drop to $70.
Expert Analysis
Analyst Ali noted that Litecoin exited a critical trading range, which may foreshadow a deep correction. In his social media post, he stated, 'Litecoin $LTC breaks loose! Exiting this channel sets up a price move to $70.' If support cannot be reclaimed, there is a further risk of decline.
Future Price Direction
The current situation with Litecoin is capturing the attention of traders and analysts. The loss of support and broader crypto market uncertainty raise questions about the possibility of price recovery. Despite short-term volatility, breaking the $97 resistance level could change the negative trend, but failure to hold the $89 level could drive the price to $70.
Market attention remains focused on key resistance and support zones for Litecoin. Market sentiment in the coming days will be a determining factor for the future direction of price movement.
