Most top altcoins have charted notable gains in this week, including Litecoin, which is now looking strong on the day. While it is showing signs of strength, the market remains weak on a long-term scale.
Mirroring Bitcoin’s price movement over the past week, Litecoin increased consistently for days and almost hit $66.3 at press time, but it may slow down buying as it approaches a crucial $68 resistance level,
Looking at the daily setup, LTC is currently poised for bullish but this bias remains uncertain if the price will scale through the mentioned resistance level. However, a surge through this crucial level should greenlight a short-term buy.
While things are currently looking positive, it is important to note that this market is still technically surrounded by negative sentiments from a mid-term perspective. Due to this, it will be too early to start considering an upward shift despite the latest bullish signal,
From a technical standpoint, Litecoin is still in an accumulation phase. The bulls must sustain the pressure well above April’s high before we can consider a long-term change in the market structure. For now, there is no room for selling as the market is under the bull’s radar,
LTC’s Key Level To Watch
Source: Tradingview
If the price breaks above the mentioned crucial resistance level, the next target for the bulls would be $72, followed by $77. A push above these resistance levels could allow buying to $84 and $90 in no time.
Litecoin currently sits well above the $60 level. If the price nosedive this level, it may face support at $55.4 before reclaiming the $49.8 low, tested in August. A collapse through this low could slipped the price into the $40 range.
Key Resistance Levels: $68, $72, $77
Key Support Levels: $60, $55.4, $49.8
- Spot Price: $66.3
- 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.
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