After a two-week collapse, LTC found support and climbed briefly into a tight trading range over the past week. Though it remains bearish on the daily outlook, but a further breakdown may cause more bleeding.
This month has been rough for most LTC investors following a sudden clampdown from a high of $130 to a low of $83 in nine days. This low level produced support and the price increased sharply after a rejection.
The increase has brought temporary relief to the market as altcoins staged a recovery in the past week. Some have resumed selling in the past few hours, but LTC remains stalled above the $87 level ever since due to severe volatility shrinks.
Losing grip above this level could cause more bleeding in the future as this could send the price to a new monthly low if the previous weekly low fails to contain pressure. The key target level to watch for such a dip is the $70 level.
Currently, there’s no room for buying. If by chance the low stands firm, we can expect a major bounce back. But looking at the latest setup, LTC will likely extend bearishness anytime soon. The ongoing volatility shrink seems to be suspending the move.
On a long-term scale, the trend is still in favour of the bulls. However, if they defend the $65 level well. We can expect a bounce with a double-bottom pattern on the daily chart.
LTC’s Key Level To Watch
Source: Tradingview
A break above the tight trading range could allow more recovery to the $95 resistance level. Above this resistance level lies $100 and $113.
Breaking lower may roll the price through $87 to the $83 level – tested as a month low during last week’s trading. If the price dips, it may face $80 support before tapping the $74.3 and $68 levels.
Key Resistance Levels: $95, $100, $113
Key Support Levels: $80, $74.3, $68
- Spot Price: $88.7
- Trend: Bearish
- 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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