Market Analysis

LITECOIN PRICE ANALYSIS & PREDICTION (January 22) –LTC Holds Above $70 In Preparation For Fresh Break, Where Next?

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.

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