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Litecoin Price Analysis & Prediction (Feb 5th) – LTC Encounters Solid Resistance After Charting 30% Gains in a Month

As expected, Litecoin witnessed rejections at a key resistance line after charting several gains in the past week. It will likely provide a big opportunity for short traders below $90.

Litecoin was eyeing the $100 mark level a few days ago, but the rally stopped, and it suspended the target due to the sudden price reduction over the past hours – exhaustion is setting in. 

However, it has maintained higher highs and higher lows patterns since the price started to recover in mid-2022. So far, the price has increased by roughly 65% in the past 90 days of trading. 

The impulsive movement saw the price to a six-month high of $97.7 and simultaneously tested the crucial resistance line. A retracement movement is imminent following the rejection at that price. The price has dropped to $93.8 as of the time of writing.

The price could retrace to as low as $75 before it finds a strong support level for a rebound. In case of an increase, LTC would need to surpass the recent rejection level before it can tap the targeted mark level. 

From a technical perspective, the trend remains bullish on a daily time frame, but it may later lose some chunk of dollars due to the recent drops in BTC price.

Litecoin’s Key Price Level To Watch

Source: Tradingview

LTC lost 4% of its value over the past hours. The key level to watch as support is $91.5 and $90 in case of a drawdown. Should selling pressure become significant, the next area of interest to expect the price is $85 and then $80. The support below it is $74.

If it extends bullish actions above the current resistance level mentioned above, the higher level to consider is the suspended $98.97, followed by $100 and $107. More highs can be expected once the price flips these levels.

Key Resistance Levels: $98.97, $100, $107

Key Support Levels: $91.5, $85, $80

  • Spot Price: $93.5
  • 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.

Image Source: leddamarita/123RF // Image Effects by Colorcinch

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