- Litecoin price has fallen 14% in the last 24 hours and 23% in the past week.
- The price also fell below the rising channel trend line support.
- Can the bulls stop the dump after the halving?
Litecoin price has fallen 14% in the last 24 hours, adding to the pain bulls have experienced over the past three weeks. The cryptocurrency, which successfully completed its third block reward halving earlier this month, traded as low as $60.75 and is down 23% in the past week.
Why did Litecoin price drop today?
LTC’s recent price drop came as most of the top cryptocurrencies by market capitalization fell significantly as Bitcoin plunged into the $25,000 region. This came after investors were spooked by rumors surrounding Elon Musk’s SpaceX BTC holdings, with 24-hour cryptocurrency liquidations surging to more than $1 billion on Friday.
The downward pressure extended to altcoins, sending Ethereum plummeting below $1,575 and XRP reaching its technical support zone of $0.50. Litecoin’s response has been to maintain its uptrend at key levels, with heightened post-halving corruption threatening further declines.
LTC Price Technical Outlook
As you can see in the daily chart below, the decline from the early July high of $114 has wiped out most of the pre-halving gains. The psychologically important $100 is once again the primary horizontal resistance level, while $60 is now crucial for the upside.
Litecoin price on daily chart. Source: TradingView
The weekly chart also offers a bearish outlook, with the RSI indicator signaling negative momentum. The chart also shows that LTC has broken below the support line of a rising parallel channel since mid-May 2022. A decisive decline suggests that the bears have the upper hand.
Litecoin price on weekly chart. Source: TradingView
If the price falls from $60, Litecoin risks falling more than 30% to $40. A bounce may materialize in the near term, but bulls will remain under pressure unless prices strengthen in the $80-$100 region.