Starting this week in a sell mode, the bulls intercepted drops with a bounce and resumed bullish after retesting a broken resistance level as support in the mid-week.
Breaking out of a key resistance to a three-month high during last week’s pump, Litecoin faced a rejection at $77 and closed that week a bit calm.
Selling volume increased this week and the price dipped under $70, although the bulls quickly intercepted the drops on Wednesday and the price recovered back above the key price level yesterday.
Meanwhile, the drops came as a retest of the recent break above the $68 level. As we can see on the daily chart, the bulls are back on track as it slowly increase, holding the mentioned level as support. We can expect more greens in the coming days.
An increase above the previous high could set the market for bigger growth in the coming weeks. The $94 level is an important resistance to watch for a test in the latest leg up. A flip through it could rally the price straight to the key psychological $100 level.
In the opposite direction, there are no signs of selling at the moment. But if LTC loses momentum again, a drop below the current weekly support could roll the price back to the monthly low.
LTC’s Key Level To Watch
Source: Tradingview
In the latest surge, Litecoin’s bulls are trying to push back to $77. If they reclaim it, we may see a breakup to the $84 resistance level. The higher level to watch for an increase is $89.6.
While losing momentum could lead to another sell-off, there is close support at $68. If the price breaks lower, the $64 level would be the next support to consider for a drop, followed by $60.
Key Resistance Levels: $77, $84, $89.6
Key Support Levels: $68, $64, $60
Spot Price: $71.8
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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