FX.co ★ Litecoin heading towards 52.00 key level

Litecoin is trading in the red at 61.38 at the time of writing. The price action signaled more declines after taking out the 64.06 key support. In the short term, it has moved sideways trying to accumulate more bearish energy before extending its sell-off.

LTC/USD is down by 6.75% in the last 24 hours and by 11.58% in the last 7 days. Bitcoin's drop forced the altcoins to drop as well. Bitcoin continues to pressure a support zone, more declines could push the altcoins even lower.

LTC/USD Sell-Off Activated!

LTC/USD found resistance at the 73.16 former high signaling strong downside pressure. The false breakout through this level signaled a potential breakdown from the range pattern. Now, the altcoin validated its breakdown below the 64.06 key level.

As long as it stays below the former channel's downside line, Litecoin could drop towards new lows.

LTC/USD Forecast!

Litecoin could extend its drop if it makes a new lower low, a bearish closure below 60.40 may activate a potential sell-off towards the 52.00 key level.