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Litecoin Price Analysis & Prediction (Jan 18th) – LTC Pauses Rally After Facing Rejections at Resistance, Is it Time For Correction?

Michael Fasogbon by Michael Fasogbon
January 18, 2023
in News
Reading Time: 2 mins read
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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
Source: Tradingview

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.

Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

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