While Bitcoin broke out to a new multi-month high this week, Litecoin trades far below $105 despite the latest increase across the crypto space. It charted 16.7% weekly gains, but that is not enough to break the price through.
The past few days have been interesting for Litecoin but not as impressive as Bitcoin’s performance since the start of the week.
After experiencing a steady decline for three weeks, Litecoin finally found base support at $65, bounced off it, and climbed to $88 on Tuesday. The price pulled back from that level and established another support at $75 before bouncing back.
It saw a small rejection near $85 today but the price has managed to hold above the $81 level with a potential increase to a crucial resistance trendline that is suppressing bullish actions since mid-February.
Meanwhile, this pattern is almost the same as the one that rallied Bitcoin near $27k today. But the glitch here is that the current volatility is low to surge the price through this crucial resistance line.
Should buying volume increase in the next few days, Litecoin could see a massive recovery to where it started to drop in February. The reverse would be the case if selling volume outweighs buying.
A look at this week’s positive actions suggests that LTC is bullish on the daily chart. It will continue to rise if the price manages to surpass the crucial trendline.
Litecoin’s Key Price Level To Watch
While today’s high and Tuesday’s high serve as weekly resistance levels, the next target for Litecoin lies at $95. The upper resistance to watch is $98.4 and $102.4 before breaking $105.7.
If the price drops below today’s low, the potential support level to watch for a pullback is $78.1. Another level to keep in mind is $74 if the pullback level fails to hold. The $70 and $65 supports are lower levels to pay attention to in case of more decrease.
Key Resistance Levels: $85, $90, $95
Key Support Levels: $78.1, $74, $70
- Spot Price: $82.7
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: vlastas/123RF // Image Effects by Colorcinch
