While most altcoins took a slight downturn this week, Litecoin’s price remained strong and showed signs of strength daily. It seems to have reached a rejection point, where a fresh drop may occur.
Litecoin’s market structure is still bearish on the daily chart following a lower low and lower high formation over the past months.
However, it recently retraced from a year low and faced a little hurdle at the $62 resistance. Buying volume increased this week and the price flipped through this resistance. The $67 level has become an obstacle for the bulls since yesterday but they have not given up on it.
As shown on the chart, the price is still strong on the day. A push above this price level should bring a retest at $67.5 – June’s low – which currently stands as a key resistance for buying on the daily chart.
Rejecting this key resistance may result in another major sell capable of crashing the market to the $45 and $40 zone. But if LTC manages to retrace further above June’s high, we can consider a minor shift in the structure before reclaiming the yearly $113 high for a major breakout.
For now, the bears are still taking charge on the long-term scale. We can expect the bulls back in control when the market enters an oversold condition.
LTC’s Key Level To Watch
Even though the bulls manage to push through the $67.5 resistance, they must surpass the $72 and $77 resistance levels before gaining control.
The recently flipped $62 resistance now stands as support. If the price drops below it, the $55.4 and $49.8 levels are the next support to consider for drops.
Key Resistance Levels: $67.5, $72, $77
Key Support Levels: $62, $55.4, $49.8
- Spot Price: $65.7
- Trend: Bullish
- 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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