Litecoin dropped below $80 today. Will price fall further? The following 1 August Litecoin price prediction looks at LTCUSD based on Elliott wave theory.
Litecoin continued the bearish run. In the last one month, price rallied to $95 but dropped back to $76. Late June, price bottomed at $72 and if the bearish run continues, we will see a new low this month. In the last update, we expected price to drop to $75 from $95 after price completed a bullish corrective pattern. When price makes a corrective pattern like such, it signifies a high chance of trend continuation. The chart below was used in the last update.
The rally from $72 to $95 is corrective and it probably will complete wave iv. The first confirmation of the end of wave iv at $95 is a break below $79. A break below $72 might follow as we count a bearish impulse wave leg down to $50-$60 zone. If the BTC rally persists, we might still see Litecoin above $95-100 zone which would invalidate the preferred forecast shown above.
1 August Litecoin price prediction: what next
With the slight breakout below $80 and the wave iv channel, we should see price plunge further in the coming days. The next bearish target stands between $50-60. Stay tuned for the next update.
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