Litecoin Retreat? A Drop Below $100 Still A Possibility—Analyst
Litecoin (LTC) is struggling to maintain its position above $120, currently valued at $112 after a 9% decline in 24 hours. This downturn coincides with over $250 million in liquidations across cryptocurrency exchanges. Despite the price drop, Litecoin's network metrics show growth, with over 8 million addresses and a transaction volume increase from $3.70 billion to $11.30 billion in six months. Technical analysis indicates a potential downturn, with a parallel channel suggesting a midline target of $115 and a lower boundary around $98. The derivatives market shows mixed signals; the long-to-short ratio is 0.90, indicating more negative sentiment, yet major exchanges like Binance show more optimism. Current volatility resulted in $2.70 million in losses for bulls and $440 for bears. A pullback to $98 could present a buying opportunity, while a breakout above $135 may signal a rebound.
