Litecoin continues to preserve past months of gains as it slowly recovers from its monthly support level. It could start a fresh rally with a double-bottom pattern spotted on the higher time frame.
Litecoin’s price has recovered well following a series of gains over the past months. It rejected $105 in the mid-month after making a bounce off the $90 level – which serves as February’s support.
This rejection triggered a pullback that led to about a 13% decline but it has managed to hold that bounce level to keep the bull on track. It pushed from there and produced small gains to where it is facing a minor resistance at $95.
Although Litecoin’s bullish trajectory remains intact from a short-term perspective despite the recent losses. It appears to be gearing up for another upside movement following the formed double-bottom pattern spotted on the daily chart.
The ascending trend line is still serving as support over the past three months. If LTC fails to overcome the mentioned minor resistance, the price could roll back to the above bounce level before slipping lower.
A breakdown from the trend line will confirm a change in trend with a potential decline. This could lead to a huge loss if such a scenario comes into play. At the moment, the bulls are attempting to step back.
Litecoin’s Key Price Level To Watch
An increase above the holding resistance level could fuel a notable buy towards the $102, $105 and $107 simultaneously. The key price targets to watch above these resistance levels are $115 and $120.
Should in case the ascending trend line fails to provide support for Litecoin, the potential level to keep in mind for a drop is $85. The next support levels to watch are $80 and $75 if the sellers continue to mount pressure.
Key Resistance Levels: $102, $107, $115
Key Support Levels: $90, $85, $75
- Spot Price: $95
- Trend: Bullish
- Volatility: Moderate
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