Bitcoin's value dropped suddenly over the weekend but has since gone back up to over $66,000. This drop was surprising for alternative cryptocurrencies but offered a chance for investors to make money. In this changing market, what can we expect from Litecoin (LTC)?

Litecoin (LTC) Analysis

Litecoin's price dropped by 37.3% after reaching $113, falling below the key support level of $80. The current price is $81, showing a 3% increase. The chart also shows a positive sign called a MACD bullish crossover, hinting at potential price recovery.

The next barrier is at $89.4, matching the 50-day EMA. To continue growing, LTC prices need to surpass the main resistance level at $97. With the RSI indicating neutral demand, it's hard to predict strong buying activity.

Price Forecast for LTC

It might take a while before the correction ends and LTC prices start going up again. To see significant growth, LTC prices need to break through the main resistance level at $97 and aim for $140. However, if the crucial support level of $80 is lost, bearish activity could cause prices to fall rapidly.

In case of a downturn, surpassing the key support at $80 could lead to LTC prices decreasing to $67.5 and $63. The performance of LTC compared to BTC is also important. There are signs of potential recovery for LTC against BTC, especially with MACD and RSI pointing towards an upward trend. This could lead to a positive turn for LTC compared to BTC soon.

If LTC starts rising and the positive signs continue, it could aim for resistance levels between 0.001716 BTC and 0.00215 BTC. The 50-week EMA at 0.00204 BTC is a strong resistance level to watch. Reaching the target of 0.00215 BTC from the current price could boost LTC's value to $134.