Is Litecoin Nearing a Breakout?

Litecoin is still moving within a strong downtrend, having continued its decline to the daily price support zone near $71.70.

Currently, the price action is showing some signs of forming reversal patterns, which could push it upwards in the short to medium term, potentially reaching previous highs near $75.70.

Expected Upward Scenario

As mentioned, the current movement could see some upward movement towards resistance levels near $75.70.

If the downtrend is broken and the price closes above $75.70, we can expect to see a rise to $84.50 and $94.50.

This is the only scenario that could push the cryptocurrency back into an upward trend.
 However, if it breaks the demand zones and closes below them, specifically closing below the $62.68 level, the upward scenario will fail and the currency may continue its downward movement.