As larger-cap cryptocurrencies end the year on a strong rally, Litecoin remains weak and is yet to initiate a major buy from its monthly low. A dip below the current low might put the asset in a serious bearish condition.
Since Litecoin crashed to a yearly low of $56 in August, trading volatility has remained low as it struggled to bounce back strong.
Up till now, it has not seen much gain and at the same time yet to make a major rally even in the recent monthly rally across the crypto space. Although the price may currently look weak. But it maintains a higher high and higher low pattern on the daily chart.
Looking at the current calmness in Bitcoin’s rally, which has triggered a high-volume inflow into many altcoins lately, Litecoin’s volatility remains low as it finds it difficult to resume the uptrend.
However, there’s still hope for a buy if trading volatility increases on a daily scale. Thus, we can expect a big price movement with breakouts. As the price currently faces down, a dip below the weekly low could cause a big sell-off.
While the asset appears to be lagging in the ongoing market rally, it has managed to tap a 1.5% gain in the last 24 hours. Compared to other top cryptocurrencies, which have broken out of their previous high since last week, LTC remains indecisive on the daily chart.
Litecoin’s Key Level To Watch
Source: Tradingview
In case of a bounce, the resistance levels to watch on the way up are $74.11, $76.76 and $80.5. A successful cross above these levels may trigger a massive surge to $80 and potentially $84 in no time.
While the $70.8 support slowly breaks, a drop below it could activate a serious decrease to $66 and $62. Another lower level to watch is $60.
Key Resistance Levels: $74.11, 76.76, $80.5
Key Support Levels: $70.8, $66, $62
- Spot Price: $70.5
- Trend: Bullish
- Volatility: Moderate
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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