The steep decline in the LTC/USDT pair has reignited bearish Litecoin price predictions. The steep drop in the pair followed yet another day of selling on Bitcoin, which ended up driving down correlated tokens.
Litecoin is an analogue of Bitcoin, created from the Bitcoin blockchain. Consequently, it is a correlated asset and an alternative trading vehicle for those interested in trading Bitcoin’s movements with more predictable assets.
Presently, the Litecoin price is down by 6.88%, and the immediate support at 140.2 is under pressure.
The daily candle’s decline came off the 152.2 resistance level. This decline has met support at the 140.2 support line. A decline below this level targets 120.4 (26 June 2021/10 January 2022 lows), while 105.6 only becomes available if the decline continues.
On the flip side, a bounce from the 140.2 support retests 152.2. The bulls need to take out 152.2 before 165.1 and 179.1 come into the picture as additional targets to the north.
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This post was last modified on Jan 18, 2022, 13:19 GMT 13:19