Litecoin Price Risks Below $104 With Target at $91.6
Litecoin price has broken below both the 21-day and 50-day simple moving averages after failing to hold above $120, signaling sustained bearish momentum. Litecoin price plunged to $102 and now trades around $105 near key support at $104. With the 21-day SMA crossing beneath the 50-day SMA and price bars in negative territory, technical indicators reinforce a bearish trend. Immediate resistance lies at $106 and $120, while the next downside target is the 2.0 Fibonacci extension near $91.6. Traders should watch for a decisive break below $104 to confirm further selling pressure, with volume and candlestick patterns providing key signals for potential short-term bounces or deeper declines.
Bearish
The reporting underscores continued bearish momentum in both the short term and long term. The break below key moving averages and immediate support levels suggests that sellers remain in control, likely pushing Litecoin toward its $91.6 Fibonacci extension target. In the short term, a failure to hold $104 could lead to accelerated declines, while any bounce would likely be limited by the 21-day SMA near $106 before facing stronger resistance at $120. Over the long term, the death cross formation and persistent negative price bars signal that deeper downside risk persists until Litecoin price breaks back above its major moving averages.