- Litecoin spikes above $100 and even extended the bullish leg past $110 as the crypto bull run catches momentum.
- A correction seems imminent following the resistance at $110; downside eyes $90 before another majestic recovery.
Litecoin has hit highs above $100 for the first time since its halving in 2019. The coin sprung higher to test the seller congestion at $100. In the meantime, a correction seems imminent before LTC makes a gigantic spike to $140.
Litecoin struggles to keep the uptrend intact
The cryptocurrency market is generally bullish, and so is Litecoin. However, LTC/USD is has hit a wall at $110. If the price fails to close the day above $110 (note that LTC is exchanging hands at $108), the price might correct under $100.
Tentative support is envisaged at the 61.8% Fibonacci level taken from the last swing high of $113 to a swing low at $52, precisely around $90. The Relative Strength Index is overbought, which supports the bearish outlook.
%20(19)-637438613670190327.png)
LTC/USD daily chart
More buyers are expected to come into the market around $90 (lower price entry-level). Enough volume may well catapult Litecoin back to levels above $110 and push it to $140.
LTC/USD confluence levels
It is worth mentioning that LTC/USD confluence levels highlight $108 as the most robust support area. The buyer congestion zone is home to the 1-hour previous low. The path ahead of LTC is smooth, and if demand for LTC builds, a breakout to the same target at $140 may come into the picture soon enough, invalidating the call to refresh support at $90.
%20(20)-637438615832757886.png)
LTC/USD daily chart
A bullish formation on the same daily chart occurred after Litecoin spiked past the triangle pattern's horizontal resistance. In other words, retesting the support at $90 will not throw the bullish case out the window. Litecoin will still be on the growth path to price levels between $140 and $150.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.