Following a 6% drop today, LTC appears weak daily and looks

Failure to break through may trigger a little consolidation before deciding the next move.

Litecoin (LTC) price dropped by 6% on Wednesday as it came close to a key support level and may see another crash.

After failing to break above $140 last month, LTC witnessed a major crash, leading to a significant loss. In the process, the trend switched swiftly from bullish to bearish within the blink of an eye.

The most important part of the crash was the breakdown of the key $100 level that had been providing crucial support for the past three months.

After a month that ended on a weak note, LTC saw some recovery this month, spending three weeks in a recovery move. However, things took a turn for the worse today with a sudden decrease in the market cap, pushing the price down to $88.

As evident from the daily chart, the bears appear to be returning following an increase in selling volume since Tuesday. A continuous rise in volume could fuel further dips in the coming days. This could result in a serious downturn next month if this week concludes in bearish territory.

Although the current monthly low is a key sell target to watch for another decline, LTC might return to the $70 level soon, especially when the supply level becomes substantial.

LTC’s Key Level To Watch

Credit: Tradingview

In the immediate term, the closest target support for the bears is at $83.3, the current monthly low. If they manage to break through this level, their next target would be $77.9, followed by the $74.3 level.

On the upside, LTC recently encountered resistance at $96.5. If the price manages to rise above this level again, the next resistance levels to watch out for are $100 and $113.

Key Resistance Levels: $96.5, $100, $113

Key Support Levels: $83.3, $77.9, $74.3