Market Analysis

LITECOIN PRICE ANALYSIS & PREDICTION (April 12) – LTC Finds Support But Yet To Regain Strength Due To Low Buying

Litecoin showed sign of strength yesterday but the price seems to be down today following 2% drops overnight. However, it has found support daily but the volume is not strong enough activate a buy.  

Starting this month on a weak note due to the recent bearish sentiment in the market, Litecoin witnessed a notable reduction and later found support above $93. Following a slight increase, it encountered resistance again and rolled back to the mentioned price level.

On Wednesday, the price bounced again and closed with a bullish pin bar, leading to yesterday’s notable increase. Unfortunately, the bulls are yet to reiterate actions today as the price remains calm on the daily chart.

Technically, the asset has undergone re-accumulation phase and it’s now looking set to continue its swing high with the recent bullish candle formation. But as it stands now, trading volume level is low from the bulls’ sides to activate a buy.

While that support level continued to hold as monthly lows, we can expect LTC to resume its bullish pattern: higher highs and higher lows movement, as seen in the daily price chart. If that happens, it may create a new resistance at around $130.

Losing this monthly low on the other hand could result into a more drag downs before increasing. Regardless of the above, the trend remains bullish on a mid-term perspective.

Litecoin’s Key Level To Watch

Source: Tradingview

Having found a solid support level, we can expect a buy to $105.7 and $109.8. Increasing above the $113 and $115 resistance levels could trigger a breakout of structure from a mid-term perspective.

In the opposite direction, the $88 level is the next support to watch if the price dips below the holding $93.1 support. Far below this level lies $81.

Key Resistance Levels: $105.7, $109.8, $115

Key Support Levels: $93.1, $88, $81

  • Spot Price: $98.7
  • 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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