Litecoin has been relatively calm for three days following a sharp rejection from a four-month dip in the mid-week. The price is down by 10% weekly, but whether it will continue to drop is unknown yet.
After testing a multi-month high of $79.69 last December, Litecoin exhausted buying pressure and ended its short-term bullish trajectory with a rejection.
It further faced resistance at the $76 level and began to show signs of weakness. Tuesday saw the coin through a little drop before initiating a major crackdown.
During the crackdown, which came suddenly on Wednesday afternoon, LTC recorded the most daily loss amongst the top 20 cryptocurrencies as it saw a 30% drop to a low of $57.7.
That singular action plunged the asset to its lowest price level since August 17, but the market quickly recovered after a long-wicked rejection. Since the recovery, it has remained indecisive as it trades at around $65 at the time of writing.
Currently, LTC is gathering momentum for another major move. Following this week’s price behaviour, we may see more drops in the coming days. On the other hand, there’s still room for higher recovery if the asset shows strength.
Trading is still looking relatively calm this weekend. We can expect a notable surge in volatility in the upcoming week.
Litecoin’s Key Level To Watch
The $63.24 level has served as temporal support over the past three days. If Litecoin loses this support in the coming days, the next line of support to consider for dips would be $60. The weekly low of $57.7 may be revisited if the bears mount pressure.
An immediate resistance level to watch more recovery is $68, followed by $71.5. If the price climbs above those levels, $75.96 would be the next buying target.
Key Resistance Levels: $68, $71.5, $75.96
Key Support Levels: $63.24, $60, $57.7
- Spot Price: $65.6
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: prima91/123RF // Image Effects by Colorcinch