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In the world of cryptocurrency, Litecoin (LTC), often referred to as the silver to Bitcoin‘s gold, has been trapped below a declining trend line and has been producing lower peaks. Considering the current bearish trend of Bitcoin (BTC), this development is likely to lead to a correction. So, it is beneficial to follow certain levels for Litecoin.
Cryptocurrency Litecoin Price at a Decision Point
Between November 2021 and February 2022, the altcoin Litecoin’s price recorded a 69% drop. However, the selling pressure has since slowed down. During this period, LTC formed three distinct lower highs along a declining trend line. Currently, the coin has retested the weekly resistance at the $100 level and surpassed it. Yet, the altcoin Litecoin has still not managed to break through the trend line.
If the Bitcoin price moves from sideways to corrective, the third test of Litecoin’s declining trend line could yield a similar result to the previous two tests. In this case, investors could expect a correction towards the $90 support level, which is about 13% lower, following the breach of the psychological $100 level.
Where Could LTC Go if a Bounce Occurs?
If a bounce occurs, especially if Bitcoin’s outlook changes, this could present a great buying opportunity. In this scenario, a recovery rally in the altcoin Litecoin price could propel LTC to the $119 level.
In a strong bullish case, the altcoin could retest the key $150 level or the psychological $200 level. However, retesting $200 in either scenario could take some time. Although the short-term bearish outlook for Litecoin’s price may seem promising for long-term holders, investors need to pay close attention to Bitcoin’s price action.
LTC’s Potential Rise
A more severe correction in BTC could lead to Litecoin’s price falling below the $90 support level and dropping to the next key support level at $75, a 16% decline. Considering the historical peak of Litecoin at $412, it’s clear that LTC has a long way to go.
The long road ahead makes the next uptrend in the cryptocurrency world significant. The levels mentioned for LTC could be reached, especially if an altcoin season occurs. However, the process seems to be challenging for LTC.
