Litecoin price could kickstart a 32% ascent if LTC bulls overcome this crucial level
Premium|Take advantage of 60% OFF on your first month.
Grab this special offer, it's 1 Year for FREE deal! And access ALL our articles and analysis.
You have reached your limit of 5 free articles for this month.
BLACK FRIDAY SALE! 75% OFF!
Grab this special offer, it's 1 Year for FREE deal! And access ALL our articles and analysis.
CLAIM OFFER- Litecoin price hovers below the $100 psychological level and a declining resistance level.
- Due to the bullish market structure, LTC could kickstart an ascent to $119.84.
- A breakdown of the $76.78 support level will invalidate the bullish thesis.
Litecoin (LTC) price shows strength as it attempts to recover last week’s losses. LTC faces two critical hurdles, overcoming which could result in massive gains for the altcoin.
Also read: Why Litecoin active addresses spike is not a bullish sign
Litecoin price ready to shatter key levels
Litecoin price has produced three lower highs since March 2022 and currently, hovers below the trend line connecting these swing points. LTC also trades below the $100 psychological, making these two barriers very significant.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators are both above their respective mean levels of 50 and 0, respectively, suggesting a buyer-dominated market.
Therefore, if Litecoin price sustains its bullish momentum and overcomes the confluence resistance level at $100, it could signal sidelined buyers to step in and potentially kickstart a breakout rally. The weekly ceiling at $119.84 will be the target for some of these buyers to potentially book profits.
This move in Litecoin price would constitute a 32% ascent from the current position.
LTC/USDT 1-week chart
On the contrary, Litecoin’s bullish outlook could face invalidation if the pioneer crypto – Bitcoin triggers a steep correction. In such a case. Litecoin price could revisit the $75.78 support floor.
A breakdown of this level will create a lower low and invalidate the bullish thesis. Such a development could see LTC potentially tag $53.83, which is nearly 30% lower form $75.78.
Also read: Diverging paths of Monero and Litecoin as Bitcoin flirts with $50K – Who's in the bubble zone?
- Litecoin price hovers below the $100 psychological level and a declining resistance level.
- Due to the bullish market structure, LTC could kickstart an ascent to $119.84.
- A breakdown of the $76.78 support level will invalidate the bullish thesis.
Litecoin (LTC) price shows strength as it attempts to recover last week’s losses. LTC faces two critical hurdles, overcoming which could result in massive gains for the altcoin.
Also read: Why Litecoin active addresses spike is not a bullish sign
Litecoin price ready to shatter key levels
Litecoin price has produced three lower highs since March 2022 and currently, hovers below the trend line connecting these swing points. LTC also trades below the $100 psychological, making these two barriers very significant.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators are both above their respective mean levels of 50 and 0, respectively, suggesting a buyer-dominated market.
Therefore, if Litecoin price sustains its bullish momentum and overcomes the confluence resistance level at $100, it could signal sidelined buyers to step in and potentially kickstart a breakout rally. The weekly ceiling at $119.84 will be the target for some of these buyers to potentially book profits.
This move in Litecoin price would constitute a 32% ascent from the current position.
LTC/USDT 1-week chart
On the contrary, Litecoin’s bullish outlook could face invalidation if the pioneer crypto – Bitcoin triggers a steep correction. In such a case. Litecoin price could revisit the $75.78 support floor.
A breakdown of this level will create a lower low and invalidate the bullish thesis. Such a development could see LTC potentially tag $53.83, which is nearly 30% lower form $75.78.
Also read: Diverging paths of Monero and Litecoin as Bitcoin flirts with $50K – Who's in the bubble zone?
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.