After pausing buying pressure in the mid-week due to a slight rejection, LTC dropped and found nearby support. It bounced back and continued to show signs of strength but is yet to break higher weekly.
Earlier this month, Litecoin found support at around $ 57 and started to climb back after witnessing a serious reduction since April. Retaking the previous low last week, the price advanced higher this week and touched $74 on Wednesday.
A rejection occurred and the price fell slightly below the $70 level. It quickly recovered with a fresh surge yesterday and continued to show signs of strength on the daily scale. It is currently floating at $73.5.
While the market is looking poise for a big price movement, the weekly high (a minor resistance level) seems to be posing a threat to the bulls as they attempt to break higher. A successful break above it should bring more price growth in the coming days.
If this minor resistance serves as an obstacle level for the bulls, the market may lose buzz for a while before regaining momentum. Losing the previous low may result in another crash capable of dipping the price to $50. But as it stands, the bearish party appeared over on the monthly scale.
LTC’s Key Level To Watch
Source: Tradingview
LTC is currently on the verge of breaking through the weekly high. The immediate resistance to watch for a break is $76, followed by $80 and $85.5. A surge through the $89.6 resistance (May’s high) should validate a complete reversal in the trend from a short-term perspective.
Aside from yesterday’s $69.67 low that provided a rebound, there’s also a hidden support at $67.5. Other supports to watch at $61.5 and $56.9 in case of a drop.
Key Resistance Levels: $76, $80, $85.5
Key Support Levels: $67.5, $61.5, $56.9
- Spot Price: $73.5
- Trend: Bullish
- Volatility: High
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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