As seen among top altcoins across the crypto space, last month’s trading was exciting for the bulls as the LTC price increased notably following a sudden recovery from the $50 range in the preceding month – which was considered a major retracement move after a five-month of decline.
This raised a lot of hope amongst the bulls as sentiments turned positive, but their hope was cut short as the momentum quickly faded off in the late month. The market dropped and ended on a weak note.
As selling volume increased heavily, Litecoin posted a huge loss and quickly turned bearish this month after losing grip above the key $70 level. However, it appeared to have found temporal support above the $62 level since Tuesday. The price increased a bit and now floats at $63.
A further increase from the current floating price could bring a little recovery in the market. Now that the bulls have technically lost control again, they must push above the recent high before regaining control.
While the market currently takes a slight break in selling, it is important to note that the bears are now in control as they aim to claim more lows.
LTC’s Key Level To Watch
If the price dips below the current weekly low, LTC could navigate the $60 support level – last month’s low. The next support for selling would be the $55.4 level. Another level to keep in mind is August’s $49.8 low.
For a recovery, there’s a hidden resistance at $68. A push above it could bring trading back to September’s $71.5 high with a potential break to the $77 resistance.
Key Resistance Levels: $68, $71.5, $77
Key Support Levels: $60, $55.4, $49.8
- Spot Price: $63.7
- 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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