Litecoin goes bearish as the LTC/USD pair is still under a lot of pressure in the short and medium-term, as it crashed lower over the weekend alongside the wider crypto market. In the latest LTC news and updates, we are reading more about the price action below.
The LTC price analysis showed that under the break of $38 support level, there could be another downside in the seventh-largest cryptocurrency. Litecoin reversed back to the $40 support level after it suffered another fast crash last weekend. The technical analysis shows that a bearish breakout from the larger triangle pattern is close to taking place on the daily frame.
The daily time frame shows that the price will test the bottom of the larger triangle pattern around the $41 level. according to the size of the triangle pattern, another breakout below the $41 level could cause another drop for the LTC/USD pair to the $20 level. It’s worth noting that the pair has a bearish medium-term bias while the price trades below the $51 level. LTC’s technical analysis shows that Litecoin goes bearish in the short term as the price is trading within the $44 level.
The four-hour time frame shows that the head-and-shoulders pattern seems to be taking shape. According to the size of the bearish pattern, the pair could drop to the $22 level in the short term. The traders should watch out for a steeper decline in the LTC/USD pair if the price starts holding below the neckline of the pattern around the $37 region. The technical analysis shows that the bearish pattern could be forming. The higher time frames also show that a triangle pattern breakout could happen on the daily time frames.
As per the recent LTC news and updates, the Litecoin Foundation moves to the BitGo multi-sig wallet from the previous Electrum multi-sig wallet, in order to simplify the fund management. The Litecoin Foundation warned the users to be vigilant when they make donations as they recommended to stop using the previous addresses of the foundation. Litecoin (LTC) is still the 7th most valued cryptocurrency on the markets, right above Binance Coin (BNB) and right under Bitcoin SV (BSV).
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