After ending last year in red, LTC found support and bounced off a key level to start the new year on a strong note. But it quickly lost buzz and now looks weak on a daily outlook. It lost 1% in the last 24 hours.
Litecoin went through some hurdles in the last quarter of 2023 and struggled to regain momentum amidst short-term bullish across the market. However, it recovered and saw a 40% gain during that period.
It started the first day of the year 2024 strong but quickly lost ground after failing to sustain pressure above the $76 level today.
If the price recovers and increases above last month’s high, we can expect a big price movement towards the last August high or even beyond. But things are looking ugly for the coin, following notable drops in the past hours.
The bears have been showing interest in the lower timeframe but there’s no enough supply to gain control at the moment. A big drop is expected if they mount pressure.
However, it is important to note that Litecoin’s bullish trajectory remains valid from a mid-term perspective. A drop below last month’s low would invalidate bullish while selling pressure increases. Currently, the price is within the bulls’ radar.
Litecoin’s Key Level To Watch
Now that the price is dropping, we need to look out for potential support for a test. The closest level right now is $71.5. If the level fails to hold, the subsequent support to consider is $68, followed by a crack to $66.
In the case of recovery, $75.9 is the immediate resistance level to watch on the way up. The next resistance levels are $76.7 to $79.6.
Key Resistance Levels: $75.9, $76.7, $79.6
Key Support Levels: $71.5, $68, $66
- Spot Price: $73
- 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: promesaartstudio/123RF // Image Effects by Colorcinch