It’s another painful day for Litecoin’s traders and investors as the price plummets by 8% daily following a huge bloodbath overnight. LTC lost momentum and now looks highly bearish on the daily chart.

Last month saw many altcoins go through a lot of dips following a back-to-back drop from their peak levels. Though LTC also registered some loss but remains strong on a weekly scale as it continues to signal bullishness.

Several attempts to surpass the important $140 level proved abortive, and the crypto halted buying. This led to a drop after multiple rejections, and the price slipped into the $120 range, looking for a close support level to foot a fresh increase.

Starting the week on a bearish note, the price plummeted yesterday and closed at $110, making it the first major drop this month. It reiterated actions today dipped near the psychological $100 level at the moment.

It is yet to find a solid ground. Looking at the setup, the mentioned psychological level may hold for a while. A rebound from there should bring temporary relief in the market before advancing selling.

Otherwise, the bleeding may get worse if the price continues to dip. It must retake the previous monthly high to consider a bullish move. As it stands, the bears have taken over.

Source: Tradingview

The $100 level is a crucial battle line for both the bulls and bears. If the bears overcome it, their next target support would be $92.6, followed by the $87 and $80 levels.

A strong interception from the bulls’ side should activate a bounce back to $106 and potentially $117.3 before resuming bearish. A further push could bring us back to $132. Above it lies the monthly $140 resistance.

Key Resistance Levels: $106, $117.3, $132

Key Support Levels: $100, $92.6, $87

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: monsitj/123RF // Image Effects by Colorcinch

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