As Bitcoin breaks under the $83,000 mark, the possibility of a downside risk in the crypto market has significantly increased. Amid the growing fear, Litecoin price has breached the $90 mark.
Trading at $89.12, the LTC price trend witnesses an intraday pullback of 3.42%, with an increase in selling pressure. Is the LTC price heading to retest the $75 demand zone? Let’s find out.
Litecoin Price Exits Sideways Range
In the daily chart, the Litecoin price trend reveals a breakdown of a consolidation range. This consolidation range extended between the $100 psychological mark and the $135 supply zone.
Despite multiple bouncebacks, the broader market pullback resulted in a breakdown in LTC price. With this breakdown, the LTC price trend breached the 200-day EMA line.
Currently, the short consolidation range above the $85 mark is holding the Litecoin price. This has led to the increased possibility of a positive crossover between the MACD and signal lines.
However, with the intraday pullback and the broader market sentiment turning bearish, Litecoin price is heading for a quick correction. The growing bearish sentiment is teasing a potential negative crossover between the 50 and 100-day EMA lines.
Analyst Warns LTC Price Fall To $70
Sharing the range breakdown in his recent X post, Ali Martinez, a crypto analyst, warns of a steep correction. The analyst signals Litecoin is on the loose after exiting a parallel channel.
As per the analyst, the downfall in the LTC price is likely to set up a downswing at $70.
Litecoin Price Targets
Based on the price action analysis, the downfall in Litecoin is likely to test the $75 demand zone if the bulls fail to hold the fort at $85. However, Litecoin price could see a pullback to the $60 demand zone if the broader market collapses.
On a bullish front, despite the limited chances of recovery, the 200-day EMA close to the $100 psychological mark is the immediate price target. For a sustained recovery, Litecoin must reclaim dominance at the $100 psychological mark.
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