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Litecoin plunged in the short term after failing to confirm a potential upside reversal. It is trading at 96.10 at the time of writing. Technically, the bias remains bearish, so a further drop is in cards. LTC/USD dropped by 13.30% from Wednesday's high of 107.03 to 92.80 today's low.
LTC/USD plunged after the price of bitcoin crashed. BTC/USD's further drop could push Litecoin towards new lows. Still, after its amazing sell-off, the altcoin could try to rebound and recover a little.
LTC/USD registered only a false breakout above the downtrend line signaling more declines. Validating its breakout above this line would have confirmed a potential upside reversal. Now, it has dropped below the ascending pitchfork's lower median line (lml) and through 96.51 activating a downside continuation.
In the short term, LTC/USD could come back to test and retest 96.51 and the downtrend line before resuming its sell-off.
Stabilizing below the 96.51 could signal a further drop. A minor sideways movement under this level or the downtrend line retest could bring new selling opportunities.
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