Following a recent monthly breakout, Litecoin surged to a new yearly high after registering a mind-blowing 100% gain in a month. The trend appears more bullish daily as it poises for a big price movement.
Litecoin ended last month’s trading on a strong bullish note after staying indecisive for almost three months. This bullish move started with a key break above the $77 level and the price formed a higher high and higher low pattern daily.
Breaking slightly above the important $100 level, a rejection occurred and the price dropped back. The bulls pushed back and managed to close that month above the mentioned level.
Interestingly, volatility increased this month and the price broke out of the yearly high. As seen on the daily chart, the trend seemed to have completely shifted to the upside as it now looks highly bullish.
Negative sentiments have faded away and as shown on the daily chart, there’s no sign of selling at the moment. Even though the sellers show up, it must drop below $50 before we can consider a bearish shift.
While this breakout has signalled a long-term move, Litecoin looks more bullish daily as it sets for massive growth. It has been on a buying spree since the start of the month following a 30% surge. Bigger gains are underway!
LTC’s Key Level To Watch
Surging through the $140 level, the next target resistance level to watch for buying is $150. If they claim it, $160 would be the next resistance level to keep in mind.
The recently flipped yearly $113 high is the closest support level to keep in mind for a pullback. Dropping below this level could bring a retest at the $106 and $98.5 supports – all flipped in the past week.
Key Resistance Levels: $140, $150, $160
Key Support Levels: $113, $106, $98.5
- Spot Price: $133
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: dusanzidar/123RF // Image Effects by Colorcinch