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Will Litecoin break the important level of support of $ 27?

From last week's highs to $ 38.5, Litecoin's price fell more than 15% and is now trading at around $ 32.8 on FXOpen.

LTC / USD Chart - FXOpen

The downtrend line (purple line) on the hourly chart has not yet been resolved, but as price action shows higher lows and lower peaks, we may soon see a breakout. Price action indicates that sellers and buyers are approaching each other so that the breakout can occur at any time.

Since the Minute correction target has been achieved (with a roving) on ​​the horizontal support level at $ 27.74, the breakout could occur from the upside down of the down resistance line.

By zooming in on the 4-hour chart, the downward resistance was interrupted twice, but both times resulted in a straight fall. We must not assume that the short-term recovery has begun until the LTC / USD pair exceeds the previous horizontal support level of $ 33.29.

LTC / USD chart2 - FXOpen

However, if the price of altcoin continues its downward trajectory, there is strong support at the $ 27 level. There are some important buyers there, judging by price action and rising wicks.

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