Last week saw LTC through a surge but failed to sustain pressure above a key level due to rejections. Leading to a small pullback, it bounced back after finding solid ground and appeared ready for a rally.
LTC’s bullish trajectory is still looking good on the daily chart but has seen a slight pullback after failing to push above the $140 level. Though it has managed to find support on Tuesday, and is now climbing back.
The level is now considered a critical resistance for this asset following multiple rejections. Following the latest bounce, it is trying to revisit the critical resistance. A clear cross over it this time could lead to a massive rally. If a rejection occurs, we can expect a pullback before breaking out.
However, it is important to note that the crypto is still gathering momentum while signalling a potential bullish move on the daily chart. As soon as it gathers enough momentum, we can anticipate a major breakout.
For now, there are no signs of bears in the market. We may consider that if the price slides back under the crucial $100 level. Considering the rise in the daily volume indicator, the bulls will likely have an upper hand.
LTC’s Key Level To Watch
Source: Tradingview
Yesterday, the $130 level suppressed the surge. If the price flips through it to reclaim $140, the next key resistance level to watch would be $147 before breaking out massively. $160 is the close level to watch for a run.
In case of a rejection, the pullback level for a retest is $117.3. The $106 level is considered a weekly support. Breaking it could trigger a huge sell-off below the $100 mark.
Key Resistance Levels: $140, $147, $160
Key Support Levels: $117.3, $106, $100
- Spot Price: $124
- 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-27-ltc-rebounds-after-a-short-pullback-but-can-it-flip-140-this-time/