Key Insights:
- Litecoin hovers at $80–$83, testing major trendline and demand zone from mid-2023.
- Daily close below $80 could push LTC toward $75, with $70 as the next support zone.
- Wyckoff pattern signals a deeper drop to $45 or $25 if the markdown phase continues playing out.
Litecoin (LTC) was trading around $83.92, placing it right inside the $80–$83 demand zone, which has acted as a solid support area in past sessions. This zone also aligns with a rising trendline visible on the daily chart since mid-2023. Traders are closely watching how the price reacts here, as it may determine the short-term direction.
Analyst Mayank Dudeja noted, “Above $80–$83 → structure stays bullish with targets at $89–$92, then $100.” A bounce from the current level could bring $89–$92 into focus, followed by the 200-day moving average near $100, which often acts as resistance during recoveries.
Source:Mayank Dudeja/XBreakdown Below $80 Could Change Market Direction
If LTC closes below $80 on the daily chart, this would mark a clean break of the rising structure. In that case, the next lower levels around $75 and $70 may come into play. The recent increase in red volume bars suggests growing pressure from sellers, raising the chance of a breakdown.
Dudeja added, “Below trendline (daily close) → bearish shift toward $75, then $70.” This reflects the importance of the current level as a turning point. So far, the zone is holding, but price movement over the coming days will confirm the next step.
Wyckoff Structure Adds a Broader Risk Scenario
A separate view shared by Crypto Lama shows Litecoin mapped onto a Wyckoff distribution model on the weekly chart. This model outlines a long-term distribution structure that appears to be entering its markdown phase. LTC has already broken below a wedge that supported its price since 2020.
This scenario maps a possible path where Litecoin moves toward $45, $25, and even $10, followed by a long recovery. Lama said, “The crazy thing about this scenario is not that Litecoin could return to the $10–$50 range, but rather that, after completing the flat, Litecoin would still go to $2,000.” The focus here is on risk preparation, not prediction.
Price Action Will Define Next Move
LTC has recorded a 0.6% gain in the last 24 hours, though it is still down 11.1% over the past week. Price sits at a decision zone, with both short-term traders and long-term investors watching closely. Whether Litecoin holds the $80 zone or breaks below it may shape the trend for the weeks ahead
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/ltc-on-the-edge-will-80-support-hold/
