Litecoin went through a serious fluctuation this month but has managed to stay above a key level following a notable recovery in the last few hours. It currently looks bullish and at the same time poised for an increase.
During the recent bullish rally, which led most altcoins to a new multi-month high late last year, Litecoin saw a nice recovery but failed to break out of its yearly high due to low volume inflow.
It quickly lost momentum due to market bearish sentiment and crashed near its five-month low of $57.7 earlier this month. After a sharp rejection, the price recovered, consolidated for days and increased to the $77.19 level.
Unfortunately, the level was rejected last week and the price slipped to a weekly low of $66.2. It established support there and bounced back above the $70 level. It is hovering at around $71 at the time of writing.
There’s no sign of a decrease at the moment. If the price continues to rise, Litecoin may reclaim its recent high and break to a new multi-month high. That could activate the coins for a bull run when the price action develops.
From a technical perspective, LTC looks poise for bullish on the lower time frame. However, a drop below the weekly low could usher the sellers back into the market with a potential crash.
Litecoin’s Key Level To Watch
Source: Tradingview
As it regains momentum on the lower timeframe, Litecoin may advance buying to the $77 and $79.5 resistance levels in the next few days. A break from there could rally the price to $83 and $85.6 in the future.
Losing the immediate support of $68 could trigger a dip to $65.1. The next support to consider below this level is $61 in case of more drops.
Key Resistance Levels: $77, $79.5, $83
Key Support Levels: $68, $65.1, $61
- Spot Price: $71.2
- 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: dusanzidar/123RF // Image Effects by Colorcinch
