Litecoin (LTC) continues to face significant downward pressure as the cryptocurrency struggles to maintain support levels, with technical indicators suggesting more bearish momentum ahead. According to crypto analyst Grayhoood, LTC has experienced a concerning 2.8% decline over the past 24 hours, dropping from $89.00 to a current price of $84.00.
Technical Analysis Shows Mounting Bearish Pressure
The recent price action has triggered multiple bearish signals across key technical indicators. The Relative Strength Index (RSI) is approaching oversold territory, while both the Stochastic indicator and Commodity Channel Index (CCI) paint a pessimistic picture for LTC’s short-term prospects. This technical weakness mirrors patterns seen in broader market RSI trends, though Bitcoin’s indicators currently point to potential upside.
Short-Term vs Long-Term Outlook
While short-term metrics paint a bearish picture, with LTC showing a -9.0% weekly decline and -12.5% biweekly drop, the longer-term outlook maintains some optimism. The cryptocurrency has managed to secure a 2.3% yearly gain, suggesting underlying strength in its fundamental value proposition.
Key Support Levels and Price Targets
Traders should watch the following critical support levels:
- Primary Support: $84.00
- Secondary Support: $82.50
- Major Support: $80.00
FAQ: Litecoin Price Movement
Why is Litecoin dropping today?
Litecoin’s decline is attributed to increasing selling pressure and bearish technical indicators, including RSI movement toward oversold territory.
What are the key support levels to watch?
The immediate support level is at $84.00, with secondary support at $82.50 and major support at $80.00.
Is Litecoin still bullish long-term?
Despite short-term weakness, Litecoin maintains a 2.3% yearly gain, suggesting potential long-term value for investors.
