Litecoin (LTC) price has turned bearish after the investors got rid of their coins right after the halving event in August 2023. Therefore, the price is now trading 40.27% below its yearly peak and there seems to be more downside on the cards.
Crypto markets are showing a great recovery on Wednesday as the Bitcoin price refreshed its weekly highs above $37,700. This led to a 3.81% recovery in the LTC price as well but the altcoin remained well below its weekly high of 71.85.
At the time of press, Litecoin was trading at $68.62, after a rebound from the range lows of $66. However, due to the formation of the lower low on the 4-hour chart, the outlook is not looking very bullish.
For a better understanding, I present to you the technical analysis of the daily LTC/USD chart. You can see that the Litecoin price has recently retested the range lows, but the bulls are really struggling to gain momentum.
A breakdown below $66 will confirm the bearish thesis with lower targets on the cards.
