Litecoin found support after pulling back from its yearly high in the past week. But it is yet to regain momentum due to low trading volatility. However, its mid-term bullish remains intact on the weekly scale.
After taking off at $71` last month, Litecoin went through several hurdles and suddenly flipped the psychological $100 level to reach a one-year peak of $115 earlier this month. That 40% surge alone saw the price out of the wood from a short-term perspective.
The price fell from that peak price level and corrected lower to $91.6 on Monday – a technical retest pattern of last month’s breakout. It sharply bounced off and closed the day with a bullish pin bar candle. This candle pattern suggests that the buyers are likely to step back. But there’s inadequate volume to take advantage of this provided buying opportunity. As a result, trading volatility may further shrink with choppy price actions if volume inflow remains low.
The asset has been indecisive for almost a week now. An increase above the mentioned psychological level would activate a more bullish trajectory from a mid-term perspective. Otherwise, the lack of interest may elapse with more potential drops.
However, looking at the bigger picture from a long-term perspective, Litecoin has remained bullish since the start of the year, returning roughly 100% in a year.
Litecoin’s Key Level To Watch
An increase above the immediate resistance level of $97.6 could push the price to the $100 and $103.5 resistance levels. Above these resistance levels lie $105, $110 and $115 before breaking higher.
If LTC loses $94 and the weekly support of $91.7, the next sell target to keep in mind is $90 and $87.5. Lower levels to watch for a deep pullback are $84.2 and $818 in case of more decline.
Key Resistance Levels: $97.6, $100, $103.5
Key Support Levels: $94, $90, $87.5
- Spot Price: $96
- Trend: Neutral
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.