Litecoin LTC Price Analysis
Litecoin (LTC) is currently experiencing a downtrend, as evidenced by the rejection from the descending trendline that has been in place since early July. The price is now trading around the $62.54 mark, close to the support level at $61.61.
Recently, LTC has seen a rejection from the $67.66 resistance level, leading to a decline in price. The current price action suggests that LTC is struggling to gain bullish momentum, and further downside movement could be on the horizon if selling pressure persists.
If LTC breaks below the $61.61 support, it could move towards the next significant support zone around $56.07. A failure to hold this level may push LTC into the $49.80 region, which is a critical area that could determine its medium-term direction.
Traders should watch for a break below the $61.61 support as it may signal a further bearish continuation. Conversely, a move above the $67.66 resistance and descending trend line could indicate a potential reversal.
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