Market Analysis

LITECOIN PRICE ANALYSIS & PREDICTION (February 8) – LTC Remains Trapped Despite Recent Gains, Can It Break Above This Crucial Resistance?

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

Source: Tradingview

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!

Image Source: winst2014/123RF // Image Effects by Colorcinch


Leave a Comment

Your email address will not be published. Required fields are marked *