Litecoin continued to gather volatility as it slowly built up for a massive surge. While it remains in an accumulation phase on the daily chart, it has posted 10% gains in the past week and now faces a minor resistance.
The past six months have been a tough moment for Litecoin as it continued to accumulate for a big price movement on the daily chart.
However, it increased steadily in the past week and added some chunks of dollars to enter the $70 range. It encountered an hourly resistance at $73 after climbing above a three-week high. A rejection occurred and the price retraced to $72.
Compared to many top altcoins that have experienced several breakups in the past week, Litecoin is seriously lagging as it is yet to show strong signs of buying on the daily chart.
Meanwhile, the price is still trapped in a long tight range as it continues to gather volatility from a mid-term perspective. We can expect a big price movement as soon as the price breaks out of the tight range.
Aside from providing a big buying opportunity, the price is still very cheap from a long-term perspective. It is currently looking bullish on the daily chart.
Litecoin Key Level To Watch
LTC recently rejected the $72.7 resistance level after forming a double-bottom pattern. If it retakes this resistance, $77 would be the next buy target, followed by the crucial $80 resistance, standing as a breakout level.
The $70 level stands as a minor support for a pullback. If this support fails to provide a rebound, the major supports to watch for a decrease are $66.5 and $63.2. Below these supports lie the $60 level.
Key Resistance Levels: $72.7, $77, $80
Key Support Levels: $66.5, $63.2, $60
- Spot Price: $72
- Trend: Bullish
- 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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