Litecoin 'head fake' rally? LTC price technicals hint at 65% crash
LTC price could drop alongside riskier assets as macro analysts sound a bull trap alarm over this potential "head fake" recovery. Litecoin (LTC) has rebounded by 130% to almost $100 after bottoming out near $40.50 in June 2022. The primary reasons include broadly improving risk-on sentiment and euphoria around the Litecoin halving in August 2023. However, technicals suggest that LTC may wipe out most of these gains in the coming months. LTC price paints giant bear flag Litecoin stands to pare its gains mainly due to a giant bear flag on the weekly char. A bear flag is a bearish continuation pattern that occurs when the price consolidates inside an ascending, parallel channel after undergoing a strong downtrend. It resolves after the price breaks below its lower trendline with a rise in trading volumes Litecoin has been painting a similar pattern since early June 2022. Previously, the LTC/USD pair had undergone a 70% price correction from $130 to $40.50. Thus, from the tec...