Among larger cap altcoins, LTC has seen a notable recovery since last week and the price is now green daily following a double-digit gain It currently leads the daily recovery among the top 20.
This month started very rough for LTC following the late January rejection that led to a dramatic crash last week. That brought the price to a multi-month low of $80, but the asset surprisingly recovered back above the important $100 mark and remained calm throughout the week.
The buyers gained more ground as the demand level increased today and the important mark level holds well. Currently, it is changing hands at $117.
Looking at the latest market structure, LTC is footing a new rally on the daily chart. A surge above the previous peak should set the stage for a huge rally to a new high, which may come around $200 before retracing.
On the other hand, the bears may resume pressure if the price fails to increase above the immediate $125 resistance. Such a scenario could spark another loss before gaining ground again.
It is important to note that LTC has not just halted selling on the daily timeframe, but signaled a fresh buy. This could facilitate a positive move for the next few days if the bullish signal plays out.
LTC’s Key Level To Watch
Source: Tradingview
Following the last positive move, the potential resistance on the way up is $, followed by the $ level. A full recovery to the $148 high should set the market for bigger gains.
The $110 level is now considered a pullback support. If the price dips below the $100 mark, the subsequent levels to consider for support are $92.6 and $87. A drop there will cause more pain in the market.
Key Resistance Levels: $125.2, $146
Key Support Levels: $110, $100, $92.6
- Spot Price: $116.9
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/litecoin-price-analysis-prediction-february-10-ltc-signals-a-shift-after-a-week-recovery-sets-for-a-major-rally/