Many altcoins including Litecoin’s LTC are trading in greens today due to a slight 3% increase in the global market cap. The price is currently strong following a solid bounce back from a two-week low.
Started this week very rough, LTC lost some chunk of dollars following a little meltdown that hit the crypto space some days ago. Though this loss was traced to some key fundamentals surrounding the market lately.
Interestingly, it later found support above $106 and closed yesterday strong after a short recovery. This brought the bulls back into action and as we can see, they are trying to regain control on a daily scale. A strong close above the monthly high should signal a further recovery.
Meanwhile, the bears are currently in disbelief as they aim to revisit the important $100 level. Currently, they are looking for a key resistance to initiate more drops. The $131 level has posed a threat in the past hours. If the bears act upon it, we may see another drag down to the mentioned important level before picking up again.
But considering the recent reduction, which came as a retest of the mid-month surge, there’s a conviction for a buy rather than a sell. And if such a setup comes into play, LTC should resume bullish at full speed.
LTC’s Key Level To Watch
Source: Tradingview
The latest strong bounce suggests a fresh increase in the daily timeframe. A push above the $131.5 resistance should validate a shift. The next resistance level would be $147, followed by a break to $160.
A pull-back level to watch is $120. Below the holding $106 support lies the important $100 level. An extension under this level could dip the price to $92.6 and $87.
Key Resistance Levels: $131.5, $147, $160
Key Support Levels: $120, $106.3, $100
- Spot Price: $129
- 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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