- Litecoin value is pausing after dropping 9% on October 28.
- LTC may proceed its descent by one other 9% to retest the steady help ground at $163.89.
- A bounce from this barrier may kick-start a brand new rally to $232.94.
Litecoin value did not maintain its ascent that started on September 30. This incapability of the patrons led to a crash on September 27. Whereas this descent may proceed, it is going to set the stage for a brand new leg up.
Litecoin value anticipates additional losses
Litecoin value is presently seeing a bullish response off the $177.90 help degree after crashing roughly 9% on October 28. This downswing is simply the tip of the iceberg because the crypto market coils up for one more crash.
A failure to supply a each day shut above $189.75 will verify that Litecoin value will head lower. In such a case, LTC may slice via $170.61 and retest $163.89. Though the Litecoin value may dip beneath this help degree, the patrons are more likely to make a comeback.
In such a case, Litecoin value could have sufficient oomph to shatter the overhead obstacles and produce a decisive each day shut above $190. Doing so will permit Litecoin value to contest the October 21 swing excessive at $215 and finally make a run on the September 5 swing excessive at $232.94.
This run-up would represent a 40% advance from $163.89.
LTC/USDT 1-day chart
Whereas issues could be trying grim for Litecoin value, a decisive each day shut beneath $139.80 will create a decrease low, invalidating the bullish thesis. In such a case, LTC may expertise a 14% crash to the speedy help barrier at $119.64.