Amid recent price falls, Litecoin regained strength after locating support this week. This puts the asset in a 4% gain with a traded volume of $331 million in the last 24 hours. Still, it remains bearish on the mid-term.
Two weeks ago, Litecoin rejected the $70 level after recovering nicely from the monthly crash. This rejection triggered another decline and the price dropped, forming a lower low and lower high on the 4-hour chart.
However, the overall market outlook remains bearish from a mid-term perspective, but Litecoin appeared making a potential shift in the trend following a recent buy from the $59 level earlier this week.
Meanwhile, the latest buy actions look like a retracement of the bearish impulsive movement forming in the 4-hour timeframe. It just rejected $67 – creating a lower high. If the bearish pattern continues to play, it may plunge into the $55 range to create a new lower low, and such an action may lead to bigger expansion in the coming month.
Of course, Litecoin is attempting to close the month on a strong note. A weekly close above the recent high could activate a primary breakout before rallying hard. While a bullish reversal move is uncertain, it is important to note that the market is still under the bears’ radar.
LTC’s Key Level To Watch
Litecoin’s bulls currently aim to reclaim the $68 resistance. If they succeed, $72 and $77 would be their next target resistance levels.
Aside from the recent buy level that held as weekly support, $62 is a close support to watch for a drop. If they collapse, lower supports to keep in mind are $55.4 and $49.8 with a potential breakdown to $47.
Key Resistance Levels: $68, $72, $77
Key Support Levels: $62, $55.4, $49.8
- Spot Price: $65
- Trend: Bearish
- Volatility: Low
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-august-31-ltc-foots-a-bullish-move-amid-market-falls-will-it-reclaim-70/