As expected, Litecoin witnessed rejections at a key resistance line after charting several gains in the past week. It will likely provide a big opportunity for short traders below $90.
Litecoin was eyeing the $100 mark level a few days ago, but the rally stopped, and it suspended the target due to the sudden price reduction over the past hours – exhaustion is setting in.
However, it has maintained higher highs and higher lows patterns since the price started to recover in mid-2022. So far, the price has increased by roughly 65% in the past 90 days of trading.
The impulsive movement saw the price to a six-month high of $97.7 and simultaneously tested the crucial resistance line. A retracement movement is imminent following the rejection at that price. The price has dropped to $93.8 as of the time of writing.
The price could retrace to as low as $75 before it finds a strong support level for a rebound. In case of an increase, LTC would need to surpass the recent rejection level before it can tap the targeted mark level.
From a technical perspective, the trend remains bullish on a daily time frame, but it may later lose some chunk of dollars due to the recent drops in BTC price.
Litecoin’s Key Price Level To Watch
LTC lost 4% of its value over the past hours. The key level to watch as support is $91.5 and $90 in case of a drawdown. Should selling pressure become significant, the next area of interest to expect the price is $85 and then $80. The support below it is $74.
If it extends bullish actions above the current resistance level mentioned above, the higher level to consider is the suspended $98.97, followed by $100 and $107. More highs can be expected once the price flips these levels.
Key Resistance Levels: $98.97, $100, $107
Key Support Levels: $91.5, $85, $80
- Spot Price: $93.5
- 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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Source: https://nulltx.com/litecoin-price-analysis-prediction-feb-5th-ltc-encounters-solid-resistance-after-charting-30-gains-in-a-month/