After witnessing about a 10% retracement in the past weeks, Litecoin bounced back and pushed briefly above the $100 mark level. It has been facing some hurdles around this mark level since the start of the month.
Litecoin keeps maintaining an uptrend after gaining about 65% since the start of the year. The bulls are in control, but they seem to be taking a break at the moment.
Earlier this month, the price corrected lower and later found a solid level for a rebound this week. This correction provided a sizeable discount for buyers, and they acted upon it. Following the rebound, the asset is struggling to extend bullish actions above the $100 mark level.
That mark level has been suppressing buying pressure for the past few days. A solid psychological defense level for the bears – they have reacted to that level thrice. In fact, it is becoming an area of interest due to the negotiating pressure around that level.
All efforts by the bulls to conquer the mark level have been proven abortive by the bears. If the bulls eventually win, a massive surge will keep the price upward. However, the reverse would be the case if the bears win.
The price has dropped slightly over the past hours, but it is still up by 7% in the last seven days. A drop below the drawn support line will send a bearish signal for the coin.
Litecoin’s Key Price Level To Watch
Although LTC managed to touch $105 this week, the price fell back under the mark level. If it attempts and pushes through $102 to stay above $107, the potential resistance level to watch is $115 and perhaps $119.
While the closest support level for a pullback lies at $95, the $90 support level remains a crucial breakdown point for serious sell pressure. The support level to watch below is $85, $80, and $72 in the long run.
Key Resistance Levels: $102, $107, $115
Key Support Levels: $95, $90, $85
- Spot Price: $99.5
- 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: jk21/123RF // Image Effects by Colorcinch
