Losing 6% overnight, Litecoin is currently in the red due to the ongoing bloodbath in the crypto space. Despite that, the price is still looking strong and its short-term outlook remains bullish on the daily chart.
After moving out from an accumulation phase in the past month, Litecoin increased significantly and touched $112 two days ago – its highest trading level in ten months.
It encountered resistance there and paused buying pressure. After plunging to $93 yesterday with a long-wick rejection, it resurged and attempted buying but failed to close well above the previous high.
That led the bears into the market today and the price dropped to the $100 mark level at the time of writing. Although, there’s still hope for an increase if the bulls regroup well.
Taking a look at the recent price actions, LTC has not seen many drops in the current meltdown compared to other top altcoins, which have seen notable losses since the start of the week.
However, it has posted some loss in the past hours, causing price weakness on the day. While the trend is still much in favour of the bulls, we may see more buys in the future if the market remains calm. If not, Litecoin may follow market sentiment in the next bearish swing.
Litecoin’s Key Level To Watch
On the weekly outlook, the $93.1 level is currently providing support for the market. If the price flips through it as a result of a new selling order, the next support level to watch for dips would be $88 and potentially $81.
The 4-hour resistance stands at $105.7, followed by the intraday resistance of $109.8. If the price closes above this resistance level, the next buying target to watch would be $115 with a potential surge to $120.
Key Resistance Levels: $105.7, $109.8, $115
Key Support Levels: $93.1, $88, $81
- Spot Price: $100.7
- 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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