{"id":22988,"date":"2023-08-18T19:38:10","date_gmt":"2023-08-18T19:38:10","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/technical-breakdown-deepens-ltc-dump\/"},"modified":"2023-08-18T19:38:10","modified_gmt":"2023-08-18T19:38:10","slug":"technical-breakdown-deepens-ltc-dump","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/technical-breakdown-deepens-ltc-dump\/","title":{"rendered":"Technical breakdown deepens LTC dump"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1665516621283-00a39a5d-cfe2-4f98-9317-d257e802701f-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1665516621283-00a39a5d-cfe2-4f98-9317-d257e802701f-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1665516621283-00a39a5d-cfe2-4f98-9317-d257e802701f-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1665516621283-00a39a5d-cfe2-4f98-9317-d257e802701f-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Litecoin price has retreated 14% in the past 24 hours and 23% in the past week<\/li>\n<li dir=\"ltr\">Price has also broken below an ascending channel trendline support.<\/li>\n<li dir=\"ltr\">Can bulls stem post-halving dump?<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/litecoin\/\">Litecoin<\/a> price has declined 14% in the past 24 hours to add to the pain bulls have experienced over the past three weeks. The cryptocurrency, which successfully underwent its third block reward halving early this month, traded to lows of $60.75 and has plummeted 23% in the past week.<\/p>\n<h2 dir=\"ltr\">Why did Litecoin price go down today?<\/h2>\n<p dir=\"ltr\">LTC\u2019s latest price decline came as most top cryptocurrencies by market cap dumped heavily on the back of Bitcoin\u2019s sharp plunge to the $25k area. \u00a0This was after investors spooked by rumours related to Elon Musk\u2019s SpaceX BTC holdings sold off, with the 24-hour <a href=\"https:\/\/coinjournal.net\/news\/crypto-liquidations-hit-1b-as-bitcoin-dumps-to-near-25k\/\">crypto liquidations jumping to over $1 billion on Friday<\/a>.<\/p>\n<p dir=\"ltr\">The downward pressure cascaded to altcoins, which saw Ethereum nosedive to below $1,575 and XRP touch the technical support area of $0.50. Litecoin\u2019s reaction was for its post-halving rot to deepen and leave bulls poised at a key level that threatens further declines.<\/p>\n<h2 dir=\"ltr\">LTC price technical outlook<\/h2>\n<p dir=\"ltr\">As seen on the daily chart below, the breakdown from highs of $114 in early July has all but wiped pre-halving gains. The psychologically important $100 is once again the primary horizontal resistance level while $60 is now crucial for bulls.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 700px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/07\/18\/1692384356029-9aa12a65-ec57-495b-b30a-3ac181b32417.png\" style=\"width: 700px\" class=\"fr-fic fr-dib\" width=\"700\" height=\"267\"\/><span class=\"fr-inner\">Litecoin price on daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/x\/7a7c0B2x\/\" rel=\"noopener noreferrer\" target=\"_blank\">TradingView<\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">The weekly chart also gives a bearish outlook, with the RSI indicator signaling negative momentum. The chart also shows that LTC has broken below the support line of an ascending parallel channel in place since mid-May 2022. The decisive breakdown suggests bears have the upper hand.<\/p>\n<\/div>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 700px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/media.igms.io\/2023\/07\/18\/1692384235773-c36d36de-309b-4edb-b0a7-2636e75b14e9.png\" style=\"width: 700px\" class=\"fr-fic fr-dib\" width=\"700\" height=\"267\"\/><span class=\"fr-inner\">Litecoin price on weekly chart. Source:\u00a0<a href=\"https:\/\/www.tradingview.com\/x\/AkBG7ay0\/\" rel=\"noopener noreferrer\" target=\"_blank\">TradingView<\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">If the price breaks down from $60, Litecoin risks new declines of 30% or more to $40. While a rebound could materialize in the short term, bulls will remain under pressure unless price strengthens in the $80-$100 region.<\/p>\n<\/div>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/litecoin-ltc-price-decline-deepens-amid-key-technical-breakdown\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Litecoin price has retreated 14% in the past 24 hours and 23% in the past week Price has also broken below an ascending channel trendline support. Can bulls stem post-halving dump? Litecoin price has declined 14% in the past 24 hours to add [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22988"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22988"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22989"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}