Litecoin’s outlook is becoming stronger daily following the latest increase. It just saw a rejection after witnessing a slight break. Behind ENA, it is the next top gainer with a 7% gain in the past 24 hours.
Dropping to as low as $50 during this year’s bearish correction, Litecoin has recovered nicely in the past months and now trades well above $70 following the past three-day surge. The price currently appears strong.
Compared to last week’s trading, which appeared slightly calm above the $63 level, the price exploded this week and reached a new milestone.
The market structure seems to be changing on the daily chart as it flipped through last month’s resistance earlier today. The flip is not significant enough to confirm a breakout. However, it is most likely to scale through this key resistance in the coming hours.
If that happens, the next target for the bulls would be July’s high along with other monthly highs lost during the correctional phase. A recovery above $113 should set the price for a massive explosion in the long term.
Considering a bearish move, the price must fall below the recent bottom level before validating another leg down. For now, the bulls are back in charge. More growth should be expected!
LTC’s Key Level To Watch
Source: Tradingview
While bulls are facing small hurdles at the moment, the target resistance level to watch for an increase is $77 – July’s high. If the market fails to pull back from there, $84 and $89.6 would be the next level for tests.
If the price drops, the closest support level for a pullback is $68. Below it lies $64. Breaking lower, the $60 level is the next support to watch.
Key Resistance Levels: $77, $84, $89.6
Key Support Levels: $68, $64, $60
Spot Price: $63.7
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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: promesaartstudio/123RF // Image Effects by Colorcinch