{"id":512691,"date":"2022-12-17T10:20:11","date_gmt":"2022-12-17T15:20:11","guid":{"rendered":"https:\/\/wncen.com\/?p=512691"},"modified":"2023-03-08T07:26:25","modified_gmt":"2023-03-08T07:26:25","slug":"short-term-low-litecoin-breaks-parallel-channel","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/litecoin\/short-term-low-litecoin-breaks-parallel-channel\/","title":{"rendered":"Litecoin Hits Short-Term Low As Price Breaks Below Parallel Channel"},"content":{"rendered":"
The Litecoin price has tanked further over the last 24 hours. On their respective charts, the prices of major altcoins reflect the price action of Bitcoin. As BTC slipped close to 3%, LTC also tanked nearly 8% on the daily chart.<\/p>\n
Recovery for Litecoin seems far-fetched from what the technical outlook suggests. A rise in Bitcoin’s price may help LTC for a while, but the altcoin’s demand must rise in order for the price to reverse. The short-term price thesis for LTC points towards continued lower price action.<\/p>\n
Since the coin has moved to a short-term low on its daily chart, the chance of a reversal cannot be fully negated either. For the past few weeks, the altcoin has been moving in a parallel channel, between $79 and $68 respectively. Investors had expected that LTC would break on the upside as BTC was attempting to register daily gains on its chart.<\/p>\n
Despite Litecoin moving above the $70 price mark, demand was not on the side of the bulls. This could mean that demand was lower at higher levels for Litecoin. On the other hand, market capitalization noted a slight uptick, which could also hint at the coin attempting to turn its price around.<\/p>\n