Following Bitcoin’s consolidation over the last 48 hours, Litecoin has remained indecisive with choppy price actions. It is down by 1.6% today and may still lose more if the asset shows signs of weakness.
After a healthy correction in December 2022, which exhausted around $61, Litecoin found support and started to increase steadily until it reached a closing price of the year at $70.
It continued the rally this year and reached a rejection level at $91.2 after an overall 50% increase since this recovery started.
This rejection has paused a bullish rally since last weekend and could trigger a correction if the price continues to drop. The price dropped briefly and trades at around $86.6 now. Litecoin is trying as much as possible to stay above the $85 level. A correction could start if it loses this level of holding as daily support.
However, Litecoin has recovered by over 100% since the price bottomed at around $40 in mid-2022. No doubt the coin is bullish as more positive actions can be expected in the coming weeks. But as it stands now, a retracement movement seems underway than impulsive.
Litecoin’s Key Price Level To Watch
Litecoin looks indecisive at the moment but remains bullish on a daily time frame.
If the price corrects below the holding support mentioned above, the next support level to watch is $74. It may roll further to $67. The $61 mark remains a crucial level to watch for a huge sell-off.
In the opposite direction, LTC may retake the last week’s high at $91.5 if the buyers show interest again. The resistance level to consider above lies at $98.9 and potentially $100. An increase above this level could send the price straight to $107 in no time.
Key Resistance Levels: $91.5, $98.9, $107
Key Support Levels: $74, $67, $61
- Spot Price: $86.6
- 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.
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