As supply hit the market hard this week, LTC lost a key psychological level and dipped to a month’s low. Posting a huge loss weekly, it is now looking bearish following a consistent drop since the start of the month.
Following last week’s crash, which halted the market bullish trajectory, LTC posted a heavy loss and quickly tumbled. The drop came unnoticed until it closed that week’s price under the psychological $100 level.
Things turned out even worse yesterday when the crypto market dropped 3%. It fell through the $90 level to a low of $83 today. It has recovered briefly from there as a result of a rejection and now trades at $89. Nevertheless, the price remains weak on the monthly scale.
The latest sell-off is targeted at last month’s low, and a breakdown from this low could fuel a massive collapse in the mid-term. Failure to break it could subject the market to a temporal consolidation phase, as we saw last week, before advancing bearishly.
However, if the market stays above the $80 level, LTC may see a brief retracement to the lost psychological level. After that, we can expect the bearish action to resume at full speed. A retracement above the lost level could bring a strong recovery. But with the look of things, the bears will likely gain more dominance in the future.
LTC’s Key Level To Watch
Source: Tradingview
Aside from the $87 level, the current low is considered daily support. A drop off $80 should send the price to $74.3 support and potentially $68 by the end of the month.
Following a short bounce to $92.6 on the hourly chart, the key resistance level lies at $100. If the price increases above it, the higher retest level for a test would be $113.
Key Resistance Levels: $92.6, $100, $113
Key Support Levels: $80, $74.3, $68
- Spot Price: $89.3
- 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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