- Litecoin price pulls it together after price action slips below an important technical level.
- LTC price could still hit new highs for the month as markets turn bullish.
- Watch out for premature positioning as the bear market is not yet over.
Litecoin (LTC) price initially dropped over 2% this morning as the ASIA PAC session remained closed due to a regional bank holiday. In a remote trading session, the dollar backed off on all fronts and triggered a continuation of the positive mood from Friday. Litecoin price faded after the rejection on Saturday, but this was contained and could still lead to a break above $65.08. Much will depend on how long this risk on climate can remain as several analysts still point to the same issues at hand, which should eventually result in more dollar strength.
LTC price receives hail mary from global markets
Litecoin price is currently trading flat on the day after an early-morning rally was able to pull it out of the swamp price action was sinking into. LTC price underwent a firm rejection on Saturday after it nearly hit $65.08, a historic pivotal level. On Sunday, LTC price underwent a fade which even pulled price action below the monthly R1 resistance level, which had been expected to provide support.
Litecoin price now trades at the mercy of the markets that have been rallying quite firmly this morning, although it is questionable whether it will continue if the US session takes over the sentiment. With the daily opening below the monthly R1, it does not look to be the case that bulls will be able to make gains towards $65.08. It is likely there will be a pullback to the lows of this morning at $60.53 and another leg lower towards $58.54, with the 55-day Simple Moving Average (SMA) nearby providing support.
LTC/USD Daily chart
To the upside, there is the possibility of another move higher, that could place price action firmly above that monthly R1, should the US take over positive sentiment. In such a scenario, price action could trade against that $65.08 in a squeeze to the upside. Should another buy-wave occur, expect to see price action pierce through that level, and in case of a daily close above, it could be fruitful for the rest of the trading week, with possibly $72 in reach by Friday.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
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.