Technical Analysis for LTCUSD for 25th November 2021
Litecoin Weak, LTCUSDT May Drop Below $200
Past Performance of LTC
The Litecoin uptrend remains buoyed by fundamental factors, including increased adoption.
Still, this isn't enough to plug the bleed, preventing the value drain.
As from the daily chart of the LTCUSDT chart, sellers are in a commanding position, trading within a bear breakout pattern.
What to Expect of LTC
From the LTC candlestick arrangement, sellers are in charge, as mentioned earlier.
Notably, as long as prices are below $230 and trending inside the November 18 bear bar, the odds of LTC plunging even lower increases.
After the sharp losses of last week, prices are now consolidating.
A break below $200—and last week's lows would be the final straw that breaks Litecoin bulls' resilience.
Litecoin Technical Analysis
Thus far, Litecoin prices are down 32 percent from November 2021 peaks based on the H2 2021 trade range.
The sideways movement could translate to a distribution forcing LTC below the $200 round number.
Should that pan out, the resulting sell trigger may see LTCUSDT drop to the $140 line—the 78.6 percent Fibonacci retracement line of the H2 2021 trade range.
On the flip side, a surge with increasing trading volumes above $230 may be the anchor for further gains towards $300 in the buy trend resumption pattern.
Resistance level to watch: $230
Support level to watch: $200
Disclaimer: Opinions expressed are not investment advice. Do your research.