After a week bounce from its recent low, LTC encountered resistance and slowly rolled back to where it found an hourly support in the mid-week. It currently trades calmly, deciding on the next direction.
Litecoin’s general market outlook is still bearish in the short term, although it has taken a little breath following a mini retracement from the $63 level earlier this month. Last weekend, it faced resistance at the key $80.6 level and began to lose momentum.
That led to a rough week for the asset as it saw little-to-no movement in the past 48 hours. This came after failing to push above the mentioned key level, and the volatility dropped extremely on the daily chart.
Looking at the latest price actions, it appears stalled at $73 with no signs of major movement at the time of writing. Though the bears have tried to resume pressure, but it appeared there’s not enough volume to step back into action. If they manage to resume pressure, they must overcome the current monthly low for a further crash.
If the price increases significantly from the current trading level, giving the bulls an upper hand, we can expect a major retracement to the upside before rolling back. A retracement above last week’s high should set up the stage for a major gain before witnessing a complete trend shift.
LTC’s Key Level To Watch
While deciding the next move, there’s a close level for drops at $70, followed by the $63 level, tested as the monthly low. A breakdown there should send the price towards the $58 level.
Towards the upside, last week’s $80 high currently stands as resistance. A push through it could send the price to $88.6 and $96.5. Reclaiming the key $100 level could fuel a bigger gain to $113 and above.
Key Resistance Levels: $80, $88.6, $96.5
Key Support Levels: $70, $63, $58
- Spot Price: $75.7
- 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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