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This week saw Litecoin through a small pullback after experiencing a steady increase from a year low recently. However, it is showing signs of strength daily and has posted roughly 5% gains in the last 24 hours.
The latest bounce in price has once again put Litecoin in a green zone today on the intraday trading, although things are still looking very dicey for the crypto as it remains in a downward range on the weekly scale.
In fact, the trend is still appearing bearish on the 4-hour timeframe with no signs of breakout yet. Adjusting to this timeframe, we can see that the market is still forming a lower low and lower high pattern.
If this pattern continues to form, LTC will likely make a new low at $65 by the end of this week. An extension of this bearish pattern could drive the price back to the recent bottom in the coming week.
It is too early to say the bulls are back due to the latest buying pressure. But if the price increases above the $75 level, we can consider a bullish move to the $89.6 resistance level, where it initiated drops in May.
Since then, the daily volume indicator has remained flat, showing steady volume outflow. A significant increase in this volume indicator should drive the price up in no time. Litecoin is still considered bearish from a short-term perspective.
LTC’s Key Level To Watch
Source: Tradingview
Litecoin’s latest move is currently supported by the $67.5 level. If the price drops below this holding level, the next support to watch for drops would be $61.5 and $56.9.
But now that the bulls are showing interest, we may need to watch the $76 resistance for a breakup. Higher levels located above this resistance are $80 and $85.5.
Key Resistance Levels: $76, $80, $85.5
Key Support Levels: $67.5, $61.5, $56.9
Spot Price: $71.3
Trend: Bearish
Volatility: Low
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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