Litecoin (LTC) Price Correction – Is a Fall Below $100 Next?

Litecoin (LTC) price seemed to be doing well for itself having reclaimed the $100 level as a support.

But this silver to Bitcoin’s gold will likely make an about-turn, to fall back on the daily chart due to this reason.

Litecoin Price to Bow to the Bears

One of the biggest advantage driving Litecoin price upward was its strong correlation with Bitcoin. Since the world’s largest cryptocurrency remained either consolidated or noted gradual recovery eventually, BTC had a stable price action, which rubbed off on LTC, too.

However, LTC and BTC coordination at the time of writing is declining from 0.89 to 0.7. This is not the best news for LTC since, historically, correlation decline has resulted in the altcoin falling on the charts.

Litecoin Correlation with Bitcoin. Source: Into TheBlock

To add to this bearishness is the Price Daily Active Addresses (DAA) divergence metric, which hints at bearishness. Generally, when the price is low and investors’ participation is high, it is considered to be a buy signal.

Litecoin Price DAA Divergence. Source: Santiment

Hence, the possibility of Litecoin’s price falling on the charts is pretty high, and even Bitcoin might not be able to save the altcoin.

LTC Price Prediction: Goodbye $100?

Litecoin price, owing to the broader bearish cues, failed to secure a rise today. During the intra-day trading hours, LTC shot up by close to 7.5% before losing it all to fall back to $105.

Price indicators, Average Directional Index (ADX), and Moving Average Convergence Divergence (MACD) indicators are both bearish. The latter, a trend-following momentum indicator used to identify bullish and bearish trends, is also losing the bullish momentum.

LTC/USDT 12-hour chart. Source: TradingView

The ADX, on the other hand, has managed to breach the threshold of 25.0 but will not sustain it. This means that the active bullish trend will eventually vanish and turn into a bearish trend.

This would result in Litecoin price losing the $100 support and fall to $93.

However, if the $100 support is sustained, LTC will find some support to prevent a crash and likely bounce back. Breaching past $110 will invalidate the bearish thesis, sending Litecoin price to $115.

Conclusion

In conclusion, Litecoin’s price is facing bearish signals and is likely to fall back from the $100 level. The declining correlation with Bitcoin, as well as the Price Daily Active Addresses (DAA) divergence metric, indicate a bearish trend for LTC. The failure to sustain a rise and the bearish indicators, such as the ADX and MACD, further support the prediction of Litecoin’s price falling on the charts. If the $100 support is not sustained, LTC may fall to $93. However, if it manages to hold the $100 level and breach $110, the bearish thesis would be invalidated, leading to a potential bounce back to $115.

Litecoin (LTC) Price Correction – Is a Fall Below $100 Next?

porCryptoSphere

Litecoin Price to Bow to the Bears

LTC Price Prediction: Goodbye $100?

Conclusion

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