LTC Technicals Bearish: Immediate Resistance $61.69, Critical Support $55 — Downside to $30 if Broken
Litecoin (LTC) is in a clear downtrend with current price pressure and bearish indicators. LTC traded near $59.64–$68.89 in the latest update, showing an 8.7% 24h drop to $59.64 and heavy selling volume ($545.7M). Key technicals: price below EMA20 ($68.88), Supertrend bearish at $71.02, RSI(14) ~24.6 (oversold), MACD negative, ADX >35 indicating strong trend. Immediate resistance is $61.69 (R1) and $65.50; primary support is $55 (74/100 score) with a bearish target as low as $30.69 if $55 breaks. LTC remains highly correlated with Bitcoin (BTC correlation ~0.85); BTC weakness (current levels ~$78,800) increases downside risk for LTC. Short-term trade idea: look for a rejection at $61.69 to short toward $55; only consider longs after a clear close above $65.50. Risk/reward skews toward the downside (approx. 48% downside to $30.69 vs 38% upside to $82.39 from current levels). Volume profile and on-chain flow (OBV/Chaikin negative) point to distribution and low institutional buying. Position sizing and strict stops recommended — this is not investment advice.
Bearish
The analysis shows multi-timeframe bearish structure: price is below EMAs, Supertrend and Ichimoku are bearish, RSI is deeply oversold but without bullish divergence, MACD and OBV confirm selling momentum, and ADX indicates a strong downtrend. Critical support at $55 is the pivot — its breach would likely accelerate selling toward the $30 range, while resistance at $61.69/$65.50 provides clear rejection points for short entries. High BTC-LTC correlation (~0.85) means BTC’s ongoing weakness amplifies downside risk for LTC; historically, altcoins have followed BTC cascades (e.g., 2022 drawdown when BTC breakdown sent alts sharply lower). Volume profile and Chaikin/OBV point to distribution, not accumulation, suggesting limited institutional support for a durable rebound. Short-term: possible oversold bounce to $61.69 but low conviction without volume pickup. Medium-term: unless price reclaims EMA20/65.50 with volume, the path remains lower. For traders: favour short setups on resistance rejections, set tight stops above confirmed resistance, and limit position size to manage tail risk. This assessment aligns with past market behavior where correlation to BTC and failed support levels created fast, large downside moves.