Litecoin's price looks really...LITE

Jun 16, 2023

LTCUSDT

Litecoin encountered selling pressure as it turned down from the moving averages and broke below the support line of a symmetrical triangle pattern on June 10. This decline signaled the bears overpowering the bulls. Although the LTC/USDT pair is attempting a bounce from the horizontal support at $75, the inability of the bulls to push the price back into the triangle suggests that the bears are selling during minor rallies.

This raises the likelihood of a further drop below $75, with the next significant support at $65. Alternatively, if the price reverses from the current level and reenters the triangle, it would indicate a potential bear trap. Positive momentum may strengthen once the bulls push the price above $91.50.