- Summary:
- Litecoin price prediction has taken a bearish turn after the recent drop. The $66 level is a major support which needs to be held.
Litecoin (LTC) price has turned bearish after the investors got rid of their coins right after the halving event in August 2023. Therefore, the price is now trading 40.27% below its yearly peak and there seems to be more downside on the cards.
Crypto markets are showing a great recovery on Wednesday as the Bitcoin price refreshed its weekly highs above $37,700. This led to a 3.81% recovery in the LTC price as well but the altcoin remained well below its weekly high of 71.85.
At the time of press, Litecoin was trading at $68.62, after a rebound from the range lows of $66. However, due to the formation of the lower low on the 4-hour chart, the outlook is not looking very bullish.
For a better understanding, I present to you the technical analysis of the daily LTC/USD chart. You can see that the Litecoin price has recently retested the range lows, but the bulls are really struggling to gain momentum.
A breakdown below $66 will confirm the bearish thesis with lower targets on the cards.
