Last month saw Litecoin through a slight breakout after finding solid ground. It encountered resistance, fell sharply and remained in a consolidation phase ever since. Now building up for a massive explosion.
After mounting new support above the $60 level in October, LTC recovered well and broke out to $73. Due to a sudden rejection, it marked a two-month resistance there and dropped slightly.
However, it still looks bullish on the daily chart but now entered a brief consolidation phase as it found solid support above the $66 level. From that level, it has managed to push higher to a current price level of $70 in the past two weeks of trading.
As the cryptocurrency builds up sluggishly on a daily, we can expect a huge price movement to take place soon – a surge in volatility is lurking around the corner. In fact, it currently looks prime for a massive explosion in the lower timeframe.
If that occurs any moment from now, the price could flip through the previous high to retake August’s breakdown level before making a pullback.
Trading volume is currently low. Such a setup should be expected as soon as a huge amount of money flows into the market. Notwithstanding, the price is still under the bulls’ radar in the short term.
Litecoin’s Key Level To Watch
Source: TradingView
Should Litecoin climb above $73, marked as last month’s high, the next area of interest for the bulls would be the $80.5 resistance level that cracked as support during August’s meltdown. The next above it is $85.
While the $66.5 level served as two-week support, a drop below it could drag the price briefly to $64. The $60 level remains a key support to watch for a breakdown.
Key Resistance Levels: $73, $80.5, $85
Key Support Levels: $66.5, $64, $60
- Spot Price: $70
- Trend: Bullish
- Volatility: Low
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: promesaartstudio/123RF // Image Effects by Colorcinch
