fxs_header_sponsor_anchor

Why Litecoin price is ready for a quick 30% recovery bounce

  • Litecoin price hovers around $72.8, eyeing a quick reversion to the mean.
  • Investors can expect LTC to trigger a 30% ascent if it can mow through the $82.3 hurdle.
  • A decisive daily candlestick close below $64.6 will invalidate the bullish thesis.

Litecoin price shows stabilization around a weekly support level after a brutal sell-off from its all-time high in May 2021. The said barrier is likely to trigger a quick uptrend that will allow short-term traders to benefit.

Litecoin price reveals a bullish outlook

Litecoin price has crashed 86% from its all-time high at $413.5 to $54.4. This nasty drop comes after the LUNA-UST depeg that occurred on the first weekend of May. Regardless, LTC seems to have found its footing around the weekly support level at $64.6. 

After a quick bounce off this level, Litecoin price is hovering around $72.6 and shows promise of a quick uptrend. Investors can expect LTC to retest the $82.3 hurdle, which is key in determining the bulls’ strength.

If buyers manage to shatter through this small resistance barrier, investors can expect Litecoin to retest the $94.4 hurdle. This move would represent a 30% gain from the current position. In some cases, LTC could extend higher and tag the $100 psychological price.

LTC/USDT 1-day chart

While things are looking up for Litecoin price, a failure to move higher could allow sellers to take control. Such a development followed by a decisive daily candlestick close below $64.6 will invalidate the bullish thesis for Litecoin price by producing a lower low. In such a case, LTC could crash by 63% and retest the range low at $24.0.

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.