A Descending Triangle Pattern Indicates a Bearish Market

On the daily chart, we can clearly spot a formation of a descending triangle pattern. This price movement indicates a bearish market for Litecoin. A similar descending triangle pattern was formed back in the summer of 2021, where the price eventually broke the support level and dropped lower. Currently, we are waiting for the price to break the pattern. A clean breakout of the support area of 96 will confirm a bearish continuation.