Following a short recovery from the recent correction, LTC initiates fresh drops after failing to push above last week’s breakdown level. It currently appears weak on the day following a slight 3% loss.
Last week trading ended very painfully for LTC after witnessing a serious crackdown during the week, although it found a temporal threshold after a sharp bounce and started this week’s trading on a recovery mode.
That brought a relief in the past few days until it taps a key level. The recovery stalled due to a rejection and the price falls, looking weak on the intraday trading.
A drop below the pschological $100 level could cause another serious correction capable of plunging the price to the $70 region or even beyond before locating a strong level for a rebound.
Adjusting to the 4-hour chart, it is still following a lower low and lower high pattern. Failure to bounce back may lead to a massive market reset.
But looking at the current market structure, LTC remains bullish in the mid-term despite the temporal correction – which currently appears healthy for the market as it reaccumulates for a bigger upward rally. We can expect that to happen when it finds a strong threshold.
LTC’s Key Level To Watch
Source: Tradingview
As LTC slowly resumes correction, it must successfully plunge through the mentioned psychological level to last week’s $87 low before dipping to $78. The key support below this level is $70.
If the price increases above the $114.3 resistance that broke as support last week, we can expect more recovery to the $131.5 resistance along with the $147 resistance that halted buying weeks back. A break there would confirm a new bullish rally.
Key Resistance Levels: $114.3, $131.5, $147
Key Support Levels: $100, $87, $78
- Spot Price: $106
- Trend: Bearish
- Volatility: Low
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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