For the LTCUSD cryptocurrency, we see the formation of a downward trend that moves within the green channel.
SimpleFX LTCUSD Chart Analysis: April 12, 2022
After February 24, the price touched the lower green wall, but the bears failed to break through it. Thus, the price pushed off from the lower green wall and began to grow. At the end of April, the price reached the green resistance line. The bulls did not have enough strength to break through this line, so the bears entered the market and led the price down. The last section of the chart describes a bearish yellow channel.
Perhaps the bearish trend will continue in the next coming trading days. If we look at the last section of the price movement, we can see that the bears have already made an attempt to break through the lower yellow wall. There is a chance that the yellow support line will be broken on the second attempt. Thus, with a breakdown of the support level of 96.25, the fall of the cryptocurrency can be continued to the lower green line and the support level of 78.89.
Alternatively, the price, starting from the lower yellow wall, will move in an upward direction to the upper yellow line. If the upper yellow line breaks near the resistance level of 113.82, the growth may continue to the next important resistance level of 127.75, which is located on the upper green wall.
