While the depreciation in Bitcoin (BTC) and Ethereum (ETH) continues, the price of Litecoin (LTC), one of the popular altcoins, is giving a bearish signal.
Litecoin's (LTC) price experienced serious drops in the last week of August. Earlier this month, there were various opinions noting the strong possibility of a major super cycle drop where the Litecoin (LTC) price target would fall to the $10 level. Cryptocurrency has made serious gains instead of such a decline. However, looking at the charts of the cryptocurrency, the price maintains its medium-term bearish trend, and the negative scenario could get stronger if the market conditions continue as they are.
However, Litecoin's (LTC) price is hovering just above two descending trend channels. The first trend is the shorter Elliot wave count, which currently provides support for the cryptocurrency. The second trend is the medium-term trend that plays an important role in the Litecoin (LTC) price, going back to May 10, 2021, when Litecoin (LTC) fell sharply from $430.
On the other hand, if the number of waves and trends are marked correctly, a final close below the $50 price level could safely re-enter the market for high-capital bears. While a scenario targeting $32 in the short term is on the agenda, the expected $ 10 thesis in the medium term shows that the decline will continue. In addition, the volume profile indicator of the cryptocurrency shows that the bulls have yet to provide significant buying support in the drop. The invalidation of the possible bearish thesis could herald a rally above $140. If the bulls can support this price level, Litecoin (LTC) could rise as high as $5,000, which represents a 100x increase from the current price level. Litecoin (LTC) price is changing hands at $53.90 USD at the time of writing, according to CoinMarketCap data.