Litecoin joined other top coins in the recent increase but it has slowed down buying today after facing a key level. While it appears weak, the asset may resume bearish momentum if the supply level increases.
Last month’s trading was a bit relieving due to a slight break in selling but things later became ugly after initiating a fresh drop at the $77 level due to a rejection. LTC resumed drop and closed July’s trading at $70.
Crossing over into this month bearishly, Litecoin advanced selling and dipped to $49.8 with a long wick. The price increased nicely from there to a high of $62 yesterday but has seen a slight rejection. The buying pressure has slowed down a bit today.
A strong close above yesterday’s high could bring more increases in the market. July’s resistance is a key breakpoint to watch for a potential change in the market character. A significant rise above this resistance should validate a bullish move from a mid-term perspective.
Looking at the overall market on a daily timeframe, Litecoin is still in a downward range. A dip below $50 could trigger a serious drop. LTC’s volume indicator is currently flat, suggesting a low amount of money inflow. There is little-to-no demand at the moment.
LTC’s Key Level To Watch
Source: Tradingview
While the $62 level is posing a threat to the buyers, $67.5 and $77 are the next resistance to keep in mind if they overcome. The higher resistance levels for an increase are $90 and $113, where major breakup lies.
The closest support level for drops is $55.4. If the plummet through this level to the holding $49.8 support, $45 would be the next sell target to watch for a breakdown.
Key Resistance Levels: $62, $67.5, $77
Key Support Levels: $55.4, $49.8, $45
- Spot Price: $60.2
- 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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