After moving out from an accumulation phase in late February, Litecoin advanced bullish and tapped its highest level in eight months. It retraced and currently looks for a solid level. It is expected to resume bullish soon.
Prior to the latest surge in volatility, Litecoin was trapped under $80 as it went through a serious accumulation phase for six months. It later found a strong footing at $68 and initiated a surge, which led to a significant break out of this phase in late February.
Entering this month on a strong note, the price tested August 2023 high and lost momentum. After initiating a drop, the price nosedived to a low of $72 last week and bounced back above the $100 mark.
Following a complete break and retest pattern in the last two weeks of trading, Litecoin appears bullish and set for big price movement on the macro level.
However, it has retraced briefly and is now aiming to retest the $95 level – broken as resistance during yesterday’s surge.
Even though the price climbs back, especially above yesterday’s high, the price must increase above the June 2023 high to confirm a breakout for a long-term bullish. Considering the rise in the daily volume indicator, LTC is expected to increase volatility in the next few days
Litecoin’s Key Level To Watch
Litecoin is dropping towards the $95 level for support. If the level fails to produce a rebound, it may navigate the $91 level and $85.5. The $80 level is a key support to watch in case of more drops.
A strong candle close above the $105.7 resistance could propel buying towards the crucial $115 resistance. Breaking through this resistance could allow the price to reach $120 and $130.
Key Resistance Levels: $105.7, $115, $120
Key Support Levels: $95, $85.5, $80
- Spot Price: $97.3
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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