Litecoin has shown little strength following the latest surge in Bitcoin’s price but it is still finding it difficult to push above its two-week high. An increase above $80 should bring the coin out of its short-term bearish phase.
After rolling back to its local bottom in January, Litecoin saw a quick rejection and recovered well after ten days. Unfortunately, it failed to push above the crucial $80 level, which has served as resistance for months.
LTC has been showing signs of strength since the start of the week. An increase above the $70 level – marked as a two-week high – could trigger a notable surge to the crucial resistance level with a potential breakout.
But right now, the buying volume appears insufficient on the daily chart. A rejection under $72 could activate another sale in the market.
It is important to note that Litecoin is footing a fresh increase since the price recovered well from $63 last month. The daily volume indicator is down at the moment. We can expect a significant price movement once the volume indicator increases.
The future looks promising for Litecoin but still finds it difficult to initiate a major rally. The price will remain trapped in a bearish zone until it breaks through on the daily chart.
Litecoin Key Level To Watch
Litecoin is almost reclaiming its two-week high. If the price scales through this high, the resistance levels to watch on the way up are $72.7 and $77. The $80 level is the main resistance to watch for a breakup.
It is currently supported by $66.5. A drop below this support could dip the price to $63.2. Below this level lies the $60 support.
Key Resistance Levels: $72.7, $77, $80
Key Support Levels: $66.5, $63.2, $60
- Spot Price: $68.9
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!