Litecoin price has seen a sharp decline over the past day and might continue to drop more before it sees an uptick in buying pressure. Investors can expect LTC to bounce off a crucial demand zone to restart an upswing. Litecoin adoption seems to be taking a massive leap as the official Twitter account of the cryptocurrency revealed that ‘Litecoin Card’ can be used to convert LTC to fiat at the time of payment. 

Litecoin price has been stuck consolidating above $210 to $233 demand zone and the $315 resistance barrier for roughly a week now. However, the recent 15% correction seems to have triggered a move lower.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Going forward, investors can expect Litecoin price to dip into the said demand zone. This move will allow LTC to recuperate and give the sidelined buyers an opportunity to buy the altcoin at a discounted price. Therefore, investors can expect Litecoin price to rally higher and encounter the 50% retracement level at $272.

While this barrier is significant, a sweep of Monday’s high at $281 would likely be the market makers’ target. This move would represent a 20% upswing from $233.

On the other hand, if Litecoin price fails to bounce off the $210 to $233 demand zone but proceeds to remain inside it, things would start to turn awry. A breakdown of the $210 level and a daily close below it would invalidate the bullish thesis.

In such a scenario, Litecoin price could retest the November 6 swing low at  $190.

Litecoin further bearish correction expected

Nov 19 2021