Market Analysis

LITECOIN PRICE ANALYSIS & PREDICTION (January 28) – LTC Remains Under Bears’ Radar But Showing Signs Of Strength In The Latest Price Recovery

Litecoin appeared bearish on the daily chart but has seen little increase in the last 24 hours. After days of consolidation, it found support and now tries to recover some loss. Trading volume currently appears low.

This month has been quite horrible for Litecoin following a price crash near the bottom. After a quick recovery to $77 in the mid-month, it rolled back again and found support above $63 this week. 

It consolidated above the support level for a while and began to show signs of strength – this was triggered by the latest increase in Bitcoin’s price. Litecoin may retest $70 if the price keeps recovering. 

Taking a close look at the daily market structure, Litecoin appears weak and at the same time trades in a bearish zone. Although the bulls have shown commitment in the past hours but is not strong enough to bring them back on track. 

The monthly resistance remains a crucial obstacle for the bulls’ next move. A break above it should confirm a fresh increase for a mid-term rally. As of now, the coin is still under the bears’ radar. 

A dip below the monthly low might trigger more losses in the upcoming month. On a yearly scale, the price is down by more than 23%. 

Litecoin Key Level To Watch

Source: Tradingview

The price is now facing upward following the latest increase across the market. There’s a close resistance at $68. If the price continues to increase, LTC may charge towards the $72.7 resistance level, followed by $77. 

It has mounted support at $63.2. If this support collapses, $60 would be the next selling target for the bears. The $56 level is the lowest support to watch in case of more dips.

Key Resistance Levels: $68, $72.7, $77

Key Support Levels: $63.2, $60, $56

  • Spot Price: $66.8
  • Trend: Bearish
  • 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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Image Source: pitinan/123RF // Image Effects by Colorcinch


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