Key notes
- Litecoin (LTC) formed a parallel canal with a target of $ 70.
- Altcoin has climbed 2.45% in the last 24 hours with support of $ 90 remaining strong.
- Hashdex filed an amendment to Son Etf US Nasdaq Crypto index US to include Litecoin.
Litecoin (LTC) has been faced with increased lower pressure lately, lowering a huge 30% in the last month, analysts pointing to a potential drop at the $ 70 mark.
In particular, the eminent crypto analyst Ali Martinez described a critical technical analysis which could send LTC considerably lower.
Litecoin parallel canal collapse
Martinez’s latest analysis shared on X highlighted Litecoin ventilation from a parallel channel model.
A parallel channel is a technical training where an asset is consolidated between two lines of trend moving laterally. These trend lines represent the levels of support and resistance, the fluctuating price in this beach.
However, a decisive break below this channel often leads to a prolonged downward trend. Litecoin recently fell under the lower trend line, signaling a lower movement.
Martinez notes that the following price movements of such eruptions often reflect the height of the previous channel. On this basis, the analyst projected a potential drop to $ 70.
LTC price analysis
Additional technical indicators reinforce this lower feeling. The relative force index (RSI) is currently 35.92, approaching the territory of occurrence, but the gradient of the line still shows space for a new drop.
The action of the LTC price has broken from the lower end of the Bollinger bands (BB) in recent days and is currently negotiated near the potential support at $ 74.70. The nearest resistance is intermediate band ($ 100.34) while another is $ 125.98.
In addition, the exponential mobile average of 20 days of Litecoin (EMA) is $ 98.81, while the SLD is negotiated at $ 90.97, reflecting a clear divergence. The recovery of this 20 -day EMA would be the first decision towards an increased trend.
ETF Hashdex amendment
Despite the lowering techniques, Litecoin recently drew attention due to fundamental development: the investment company Hashdex has changed its American ETF from the Crypto Nasdaq index to include Litecoin.
Previously, the ETF only included Bitcoin (BTC) and Ethereum (ETH), but the amendment extends its nine cryptocurrency wallet, notably Solana (Sol), XRP, Cardano (ADA), ChainLink (Link), Avalanche (Avx) and Uniswap (Uni).
Hashdex’s announcement resulted in a 2.45% Litecoin increase in the last 24 hours, demanding a daily summit of $ 91.67. With a market capitalization of $ 6.87 billion, the LTC is in the 21st largest digital asset by evaluation, CoinmarketCap show.
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Cryptographic journalist with more than 5 years of experience in the industry, Parth has worked with the main media in the world of crypto and finance, the collection of experience and expertise in space after having survived bear markets and bulls over the years. STHTH is also an author of 4 self-published books.
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