Litecoin Faces Critical Support Level Amid Market Volatility, Could See 16% Rally or 15% Drop

Litecoin (LTC) approaches a pivotal support level within a bullish channel pattern. Holding above $64.5 could trigger a 16% rally, but dropping below may see LTC dip by 15%, reaching $55. Mixed on-chain metrics show an even split between bullish and bearish sentiment.

With cryptocurrency markets experiencing heightened volatility ahead of the U.S. elections, Litecoin (LTC) finds itself at a critical support level that could shape its short-term price movement. Currently trading near $66, LTC has shown resilience in its bullish channel, where it is nearing the lower boundary—a significant support level historically leading to upward price movement.

Technical analysts suggest that if LTC holds above the $64.5 support level, it may gain buying momentum and rise by up to 16%, potentially reaching the $77 mark. However, should LTC fail to hold this support, it could drop by approximately 15% to reach the $55 level, marking a significant price correction amid ongoing market volatility.

On-chain data highlights the uncertainty among investors. The Long/Short ratio stands at 1.001, with 50.01% of traders holding long positions and 49.95% short positions. Open interest has also remained stable, indicating that market participants are waiting to see if LTC holds its support or reverses course. Meanwhile, the asset’s Relative Strength Index (RSI) is in the oversold zone, hinting at potential upward movement if buying pressure builds.

As LTC trades below its 200-day EMA, signaling a bearish trend, analysts remain cautiously optimistic. Should buying volume increase, LTC may break the downtrend and initiate a rally; however, a sustained bearish environment could shift the trajectory downward.

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