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Litecoin has had to deal with a huge decrease because the entire crypto market experiences intense sales pressure. Increased volatility has powered competitive price fluctuations, with LTC diving from $ 130 to $ 100 within a few hours. This steep decline has worried for investors, since Litecoin is struggling to maintain the most important support levels.
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Market security has brought Litecoin to a crucial level, with Bulls trying to defend $ 100 in the midst of persistent sales pressure. Failure to retain above higher price ranges suggests a weakened bullish structure, which increases the risk of further decrease.
Top analyst Bigcheds shared a technical analysis that emphasized that this is the third time that Litecoin has been thrown back to the level of $ 100. Historically, repeated repeated retests of important support zones the chance of a breakdown, which contributes to the bearish sentiment around LTC. If the level of $ 100 does not hold, Litecoin can be confronted with a deeper correction, in line with the wider market decline.
Traders are now closely monitoring Litecoin’s next step to determine whether it can stabilize or whether another sales will push golf lower. With volatility that dominates the market, LTC remains at a crucial moment that could dictate its price action in the coming weeks.
Litecoin keeps holding the range
Litecoin is currently trading between important liquidity levels after months of volatility and uncertainty in the market. Despite the turbulent price action, LTC has demonstrated relative strength in recent weeks and has managed to maintain important support levels. However, it continues to struggle against considerable resistance, which prevents a clear trend.
The most important problem that Litecoin is confronted with is the inability to break above the nutritional levels, so that price action keeps in a tight reach. Although bulls have tried to push LTC higher, sellers have repeatedly stuck the momentum at large resistance levels. Without a decisive outbreak, Litecoin will continue to get stuck in a consolidation phase, so that traders are not sure of the next step.
Bigcheds’ Technical Analysis emphasized that a different high-time frame (HTF) returns to the range of $ 100 followed at a rejection of $ 130 supply level. This marks the third time that Litecoin has tested the $ 100 support zone, a level that has been crucial to prevent deeper falls. If LTC does not hold this area, this can cause a more extensive correction.
An outbreak above $ 130 or a breakdown below $ 100 will probably determine the next major movement of Litecoin. Until that time, traders remain careful because price action continues to identify uncertainty and indecision. In the coming days, it will be crucial to decide whether LTC can regain higher levels or experience a new wave of sales pressure.
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Price action data: Important levels to retain
Litecoin is currently being traded at $ 102 after a huge fall in $ 130, so that Bulls remains in a critical position to defend important levels. The recent decline has pushed LTC to the lower limit of its trade range, and testing crucial support that has held several times in recent months.
So far, price promotion has respected both demand and offering zones, with resistance of around $ 130- $ 140 and support almost $ 100. This channel structure has defined the movement of Litecoin and kept it within a clearly reached pattern. Bulls must now maintain the current level to maintain this channel thesis, which prevents further disadvantage.
EIF Litecoin confirms an outbreak above $ 130, it can indicate the start of a new bullish trend, so that LTC is pushed to higher levels. A break under $ 100, however, would indicate a loss of question, which probably activates a deeper correction and the sales pressure is increasing.
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For the time being, traders are closely looking at whether LTC will keep or break its current support zone. The next big step will probably come from a decisive outbreak in both directions, making it the scene for the trend of Litecoin in the coming weeks.
Featured image of Dall-E, graph of TradingView
