The LTCUSD pair experienced a downturn, moving away from the higher boundary of its previously bullish flag. This shift indicates increased selling pressure, which has led the price to touch the critical 61.8% Fibonacci support level.
Litecoin Technical Analysis – LTC Key Levels
The Litecoin price is currently demonstrating a phase of consolidation just above this key support. In the current market, the price of Litecoin is fluctuating within a narrow bearish flag formation. This is noteworthy as the technical indicators are predominantly suggesting a selling trend.
However, there remains a potential for the Litecoin price to move upward and retest the Ichimoku Cloud. This scenario hinges on the bulls’ ability to sustain the price above the crucial 61.8% Fibonacci support level.
Conversely, if the price falls below the $70.25 threshold, the Litecoin value could further decline. In such a case, the next significant bearish target is anticipated to be the 78.65 support level.