The global market cap surged by 6% today, and Litecoin appeared to be enjoying the volatility flow as it returned an insane 30% profit over the past hours. This astonishing rally has put the coin amongst the 24-hour top-gainer in the market.
Shortly after Litecoin formed the daily candle (at $60.7) yesterday, the price started to increase following a huge buying pressure in the market. The price flipped $65 again (after a false breakout fortnight) as it strongly closed the daily at $71.3. Today, it was followed by another massive one as the price touched $83.6.
Although it has dropped a bit to a current trading price of $78.6 due to rejection. If we take a look at the LTC/USDT pair on the lower time frame, the momentum is seriously building up for more positive play.
This positive move was initiated after the price sharply recovered from the November 9 crash level of $47.8. It was later followed by a bullish engulfing candle, which produced a steady push to where the price skyrocketed yesterday.
The last 48-hour rally shows a sign of strength as it continues to gain momentum. Litecoin technically appeared to have bottomed since June. The $40 rebound level was long-term support and a liquidity area that Litecoin left in late 2020.
The price would need to plunge below the aforementioned rebound level to invalidate this bullish signal.
Litecoin Price Analysis (LTCUSDT): Daily Chart
Source: Tradingview
Litecoin strongly looks bullish on the daily chart. A lot of resistances have turned supports due to the latest surge in price.
The closest level to retest as support is currently $78.88. The $65.13 is another level to watch out for if the mentioned support fails. There’s also support at $55.92 in case of a further dip.
Towards the upside, it would first need to flip the May 10 high of $85 before targeting the $91.6 mark. The resistance levels to watch above it are $98.97 and $106.79, respectively.
Key Resistance Levels: $91.6, $98.97, $106.79
Key Support Levels: $78.88, $65.13, $55.92
- Spot Price: $79
- 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: andreystv126/123RF // Image Effects by Colorcinch
