Litecoin advanced bearish this week and dipped to a new low after four months of trading. After witnessing a small recovery yesterday, it faced rejection and now looks ready to resume selling pressure on the day.
Litecoin went through a series of reductions in the past weeks following a sell order from $89 last month, making it the second phase of the bearish correction that started from $113 in April.
This brought roughly a 40% correction in the price to $67.5 this week – marking its lowest price level since February 21. It made a short bounce on Monday and increased to $72 yesterday with a small gain.
Due to little to no buying pressure today, bears stepped back and pulled the price briefly to $71 – where it is changing hands at press time. If we adjust to the 4-hour timeframe, the price is on the verge of losing grip again.
Following this bearish signal, we can expect a continuous breakdown in the coming hours. The current low remains a key selling price target. A daily candle close below it might cause more havoc in the market while the bulls suffer loss.
And if the mentioned low contains selling pressure, we can anticipate a notable recovery to $84 before deciding on where next to head. Having said that, LTC remains in a downward range on the daily timeframe.
LTC’s Key Level To Watch
As the bears target the $67.5 support level, a break below it could bring us to $64 and perhaps the psychological $60 level in the next few days
Apart from the recent rejection point, Litecoin holds resistance at $75. Higher levels to watch above this resistance are $78.3 and $82 on the daily chart.
Key Resistance Levels: $75, $78.3, $82
Key Support Levels: $67.5, $64, $60
- Spot Price: $71
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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