The next move of the favorite altcoin depends on its critical performance: A 30 percent jump may come.

The price of Litecoin (LTC), one of the favorite altcoins in the cryptocurrency market, is trading at a level that can be very important in determining the future trend.
Losing current support would invalidate the one-year bullish structure. On the other hand, if there is a sharp bounce, it will start a fresh upward move to break above the $100 level.
Price struggles after failed breakout
Analysis of the trendy altcoin's weekly price chart offers a mixed reading based on the bearish trend.
LTC price has been bearish since April, when it was rejected by the horizontal resistance area at $100. Following this move, the price created a lower high.
Thus, the favorite altcoin has fallen to an ascending support line that has been in effect since June 2022. The performance of the price at this level will determine the direction of the future trend.
From the technical indicators, the RSI is bearish, supporting the possibility of a breakdown. The indicator is currently below the 50 mark. This is an indication that the downward movement may continue.
Price prediction: Will the crash begin?
While the trendy altcoin's 3-day chart is bearish, the six-hour chart remains unclear. The main reason for this is that the decline since April 18 appears to be a corrective ABC structure. Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend.
If the bearish is an ABC retracement structure, the LTC price trend is actually bullish. In this case, the price may climb above the $100 resistance level.
However, a drop below the previous low of $65 will invalidate this bullish prediction. So, it can be said that the trend is bearish and new lows are coming.
It could also accelerate the decline towards $50 as it will trigger a break in the long-term ascending support line.
Therefore, the next direction of LTC price will depend on its performance at the $65 level. If there is a drop below this level, it can fall to $ 50. On the other hand, if it breaks above it, a bounce to $100 is possible.
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