Litecoin (LTC) may rise in price by 30% if it bounces from this level

A bearish break of the current support level would break the year-long bullish structure. On the other hand, a sharp bounce of LTC will probably lead to a new breakout attempt above $100.
LTC: difficulties after failed bullish breakout attempt

Analysis of the weekly timeframe for LTC gives mixed signals, leaning towards bearish.

As the results of technical analysis show, the price has been falling since April, when it made a bounce from the horizontal resistance area at $100 (red icon). The price then formed a declining high, confirming this area as resistance and triggering another drop.
<As a result, LTC reached an uptrend support line that has been on the chart since June 2022.

A break or rebound from this line may determine the further trend.

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Source: TradingView

In the meantime, the momentum indicator RSI is showing a bearish bias, confirming the likelihood of a bearish breakout.

We note that values above 50 and the indicator’s upward trend indicate that the bulls retain the advantage, while values below 50 indicate the opposite. In this case, the RSI is below 50 and falling, which is a sign of a bearish trend.

Litecoin forecast: whether to expect a bearish breakout

While the 3-day chart is bearish, the shorter six-hour chart is still undecided on the direction. Elliott Wave Theory suggests that the decline since April 18 looks like an A-B-C corrective structure.

If the decline is an A-B-C corrective pattern, then the LTC price trend is actually bullish. In this case, the price will move above the $100 resistance area.

However, the absorption of the previous low at $65 (red line) cancels the bullish forecast. This would indicate that the trend for the coin is bearish and new lows are to be expected.

Since the takeover would also lead to a breakdown of the long-term ascending support line, it could be a catalyst for the price to fall to $50.

Source: TradingView

The outlook for LTC will therefore be determined by whether the price breaks below $65 or rebounds from the current uptrend line. The first option is likely to result in a drop to $50, while the second could determine a rebound toward $100.