Litecoin (LTC) Price Crashes Out of Range as Traders Fear a Massive Drop to $60 and Beyond

The price of Litecoin just broke out of its range after 110 days, and traders are worried it might drop more.

The price of Litecoin (LTC) broke out of its 110-day range, confirming the bearish trend as traders fear a massive drop to $68 and beyond.

Litecoin broke out of its range, signaling a trend change after a long consolidation phase. Both the daily and weekly charts show strong bearish momentum, with technical indicators hinting at more selling pressure.

On the daily chart, previous support levels now act as resistance. The range breakdown also hints that the bearish trend might continue, with $98-$100 now being important resistance for Litecoin. If the price can’t get back above this level, it could keep falling toward $80 and lower.

The weekly chart shows that the Ichimoku Cloud support at $68 is crucial, and many traders expect to see a test of this level soon. The breakdown of the multi-month uptrend also adds to the bearish outlook.

However, despite the prevailing bearish outlook, LTC’s price might bounce back briefly before continuing down. The 1-hour chart analysis suggests a potential retest of the $95-$98 resistance range, which was previously a strong support zone. If price action confirms rejection at this level, Litecoin could face renewed selling pressure.

As highlighted by CryptoJobs3’s tweet, monitoring the lower timeframes (H4-H1) is essential for traders to assess potential shorting opportunities. The tweet also suggests that unless Litecoin closes above $99 on the daily timeframe, the bearish outlook remains valid.

If the bearish trend continues, Litecoin could test several support levels soon. Based on historical price movements and technical indicators, traders are closely watching:

At $80, a round number and Fibonacci level could provide initial support.

Further support is anticipated at $75-$73, a cluster of technical indicators and psychological levels.

A deeper decline could reach $68, a significant level as it represents the lower band of the Ichimoku Cloud on the weekly chart.

In the event of a deeper correction, support might emerge at $63, a Fibonacci level and the low point of the 2023 price increase.

While short-term rebounds are possible, the overall trend remains bearish. A daily close above $99 would indicate a potential shift, but until then, traders remain cautious about further downside movement.

Litecoin’s price action continues to attract attention as traders assess whether the 110-day range breakout will lead to a prolonged downtrend or if support levels will hold.

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