The last three months saw Litecoin through a 30% correction before cooling off the heat last week. The price jumped 15% in a week and now charges toward reclaiming the $100 mark level.
While most top altcoins move out from their bullish pattern due to a broad correction, Litecoin’s price respected the pattern and continued to trade inside its ten-month ascending channel formed on the daily channel.
Once again, it found support above the $75 level – located at the lower boundary of the channel and bounced off it last week. From that level, LTC saw an impressive increase to the peak of $95 in the mid-week. It retraced from that level to where it is changing hands around $92.
Because of this, the recovery towards the $100 mark level appeared to have suspended slightly in the middle of a consolidation. An increase from the current trading level could propel buying toward the mentioned mark level.
On the other hand, a fall could trigger a pullback to close support before it picks up again. Howbeit, LTC is expected to rally exponentially to the upper boundary of its ascending channel once the bull continues to gain control. A break below the channel will cause serious pain if the bears mount a heavy supply.
So far, Litecoin’s price has increased by a total of 22% in the last 10 days of recovery. More gain should be expected if the demand level rises.
Litecoin’s Key Level To Watch
Before reaching the mark level, it may encounter resistance at the $94 and $97.6 levels. A recovery above the market level could send the price to the $110
The levels to watch for pullbacks are $90 and $84. If those levels fail to produce a rebound, the potential low to consider is $81.8
Key Resistance Levels: $94, $97.6, $100
Key Support Levels: $90, $84, $81.8
- Spot Price: $91.9
- 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.
Photo by Kanchanara on Unsplash
