As Bitcoin and other top altcoins witnessed a sudden decline yesterday, Litecoin remained strong and initiated a fresh buy that send the price to a two-week high. It may retrace a little if rejection occurs.
Litecoin’s bulls have been showing strong interest in price actions for some days now following a series of climbs from the monthly low of $65. But they seem to be facing hurdles at the descending trendline forming since February.
Yesterday, the bulls regrouped again and pushed consistently until the price broke out of the trendline and marked a two-week high at $91 a few hours ago. This led to a retest of the vital resistance (formerly support) level that collapsed earlier this month.
While LTC negotiates its next move at this resistance level, a rejection there could trigger a small retracement to the trendline. It will advance higher if the price overcomes this vital resistance level.
In case of serious bearish actions, the price will have to sink below the monthly low before they can gain control of the market. That is not visible at the moment with the current buying pressure. More positive actions are expected to come into play.
At the time of writing, Litecoin is the top-gainer of the market with a 13% increase over the 24 hours. The price will continue to increase as long as the bulls remain in control.
Litecoin’s Key Price Level To Watch
The $90 psychological level is slightly flipped due to a significant surge in volatility. LTC currently trades above it. The next area of interest would be $95 and $98.4, marked as Monthly high. Higher resistance levels to watch are $102.4 and $105.7.
A key retracement level for a rebound is $85 and potentially $81.8. A decrease below the $78.1 support level could activate a quick dump to $74 and $70 before a bounce back.
Key Resistance Levels: $95, $98.4, $102.4
Key Support Levels: $85, $81.8, $78.1
- Spot Price: $91
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: bikox99/123RF // Image Effects by Colorcinch
