Yesterday saw Litecoin LTC through a new milestone after struggling to regain strength for weeks. This came with a 10% surge near the $90 level, negotiating the next move while the bulls appeared back in the market.
Litecoin has been in a slow recovery mode since it sharply rejected the $70.5 level during April’s meltdown. It initiated a surge last week but quickly lost steam, ending the same weak in a slight loss.
Starting this week on a positive note, it initiated a fresh surge yesterday and tapped the $89.63 level. It saw a rejection there and retraced slightly to $87 earlier today. It may look for a lower level if the price dips.
Holding above the weekly $85 breakout level could fuel a bigger surge for the rest of the week. Dropping below this level could cause a slow-down in the latest bullish sentiment, bringing an ill-gain.
Despite witnessing a slight rejection, the price remains strong on a daily scale. We can expect more surges as long as the bulls remain in control. Although the $90 level is posing a threat to them at the moment.
From a fundamental standpoint, the negative sentiment surrounding this asset is fading away and with the latest surge in volatility, we may see more positive actions in the next few days. Right now, the only condition for a bearish move lies in a crack below the monthly low.
Litecoin’s Key Level To Watch
A daily close above the $90 level could propel buying to the $93.1 resistance level that cracked during last month’s drawdown. Above it lies the crucial $100 resistance, followed by $105.
Right now, there are no signs of bears in the market. If they return with a daily close below the $88 support, the nearest level to watch for support is $84.9. Below it lies $78.38, where it initiated a buy last week.
Key Resistance Levels: $93.1, $100, $105
Key Support Levels: $88, $84.9, $78.38
- Spot Price: $89.1
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: dusanzidar/123RF // Image Effects by Colorcinch