Litecoin (LTC): Multiple Selloffs = Potential Downward MovementRecent price movement that has not been able to break above the downward-sloping resistance (upper side of triangle formation) line or fall below the local support area (lower side of triangle formation) shows that markets are getting weaker!
Recent trading sessions have been characterized by multiple sell-offs, suggesting that bears may be gaining strength. However, the lack of a clear break below support keeps the door open for potential reversals. We are looking for a possible break below the support zone around $68.71, which could confirm a bearish movement and initiate a move towards lower support levels, potentially around the $60.50 area.
Conversely, if bulls manage to push the price above the resistance line, it could overturn the bearish scenario and potentially lead to a test of higher resistance levels.