Litecoin Dump Begins, Falls 20% In A Week; Time To Exit?
- LTC price action shows a significant increase in selling pressure, leading to a 20% fall in the bearish market.
- Breaking below the rising channel pattern, a drop below $60 could crash the LTC price to $50, an 18% drop.
- Litecoin faces intense bearish pressure with top coins like Bitcoin and Ethereum down by 7.52% and 6.02% respectively.
- Trending lower within a channel, LTC price action creates a snowball effect, breaking below the support trendline.
- A death cross emerges, with Litecoin down by 22% in the last week and three consecutive bearish candles.
- Lower price rejection from $60 helps LTC trade at $65, forming a Doji candle, signaling a relaxation period.
- Technical indicators like Stochastic RSI and DMI are extremely bearish, indicating strong bearish momentum.
- If buyers fail to hold off the crash rally at $60, support levels are at $50 and $40, accounting for an 18% to 33% fall.
- A consolidation move above $60 may delay the downfall, but chances for a reversal are thin unless closing above $70.