Following a slight pullback this week, Litecoin found support nearby and resumed buying pressure but is now facing small hurdles at a key resistance level, where the next major move is likely to take place.
Litecoin has recovered nicely from the recent dip and is now footing a bullish move after mounting new support above $62 in the mid-week.
Although it has slowed down buying a bit after facing a key resistance at the $67.5 level a few hours ago. A successful break above the resistance should pave the way for more bullish actions in the next few days.
Last month’s high is the key buying level to watch for such a move. A rejection of this resistance could trigger a sell capable of bringing the bears back into the market. As it stands, the bulls are currently in charge.
While the bearish structure remains intact from a mid-term perspective, Litecoin may still witness another leg down before making a shift in the market structure. Currently, the LTC supply level is at an extreme low.
Even though the bulls managed to reclaim last month’s high, they must push above the $113 level before confirming a major shift. Nonetheless, the bulls are becoming more formidable in their latest attempt.
LTC’s Key Level To Watch
A break through the $67.5 resistance could bring a test at $72 (March’s low) before rising to $77 – last month’s high. If the price continues to increase, $86 and $90 would be the next resistance to keep an eye on.
The weekly $62 low is currently serving as support. If the price drops below it, the $55.4 and $49.8 levels would be the next supports to watch for more breakdowns.
Key Resistance Levels: $67.5, $72, $77
Key Support Levels: $62, $55.4, $49.8
- Spot Price: $67
- 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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