Renowned crypto analyst Cryptollica has recently shared a comprehensive forecast for LTC, shedding light on its price trajectory from 2020 to 2024. In a recent X post, the analyst emphasized significant price patterns, revealing that LTC’s price movements adhere to 812-day cycles, marked by distinct highs and lows.
At press time, LTC stands at $73.04, marking a 5.54% decrease over the past 24 hours. This downward trend persists despite the Litecoin network processing an additional 6 million transactions since June 5, when it reached a milestone of 250 million transactions. Over the past month, LTC has seen its value drop by 13,20%.
The analysis points to a recent breakdown in the wedge pattern observed on the daily chart, indicating a shift to a bearish trend. This shift comes despite periods of consolidation that had previously offered some hope of stability. The breakdown in the wedge pattern suggests that LTC may face further downward pressure in the near term.
Analysts anticipate a potential recovery for LTC in the upcoming week. A possible scenario includes a bounce that could lead to a retest of the disrupted wedge pattern. However, this recovery is expected to be met with renewed selling pressure, challenging sustained upward movement.
Litecoin ($LTC) Sees Bullish Surge With 704K New Addresses and Positive RSIAnother scenario involves a return to the April low of $86 before LTC can gather further strength. In the short term, the $90 level is a critical breakpoint for bullish momentum. However, the lack of significant buying volume indicates that a major bull run is not imminent.
Recent price movements and market conditions have put LTC under considerable pressure. The decrease in value comes as the broader cryptocurrency market is also experiencing turbulence, with many coins facing similar downward trends.
LTC is facing significant bearish pressure, with analysts predicting a potential downturn amid miner sell-offs. While there may be opportunities for short-term recovery, the lack of buying volume and broader market conditions suggest that LTC could remain under pressure for the foreseeable future. Investors are encouraged to stay vigilant and consider both technical and macroeconomic factors when evaluating LTC’s potential.
