Last week, Litecoin completed a break and retest pattern after losing momentum in the mid-month. It bounced stronger and now faces a crucial mark level. The bulls are back, negotiating for higher ground.
Following the recent bounce off $77 in the past week, Litecoin advanced buying and managed to close well above the $90 level. It pushed higher this week and tested the $99 level with a slight rejection on the day.
Looking at the current market structure, the rally appeared to be just starting as bigger moves should be expected in the long term. The $100 mark is an important level to watch for a primary breakup before it initiates a stronger rally.
However, it is important to note that the latest slight rejection indicates a reaction from the bears. If they defend well, causing a negative scenario in the market, the asset may roll back and look for nearby support to foot a fresh increase.
Even if the bulls advance rally, they are likely to face obstacles at the current monthly high before finding a breakthrough. From a technical perspective, things are heating up by the day. And as a result, we should expect more bullish play in the next few days.
The mid-2023 high is the key resistance to watch for a mid-term surge. A successful break from there could put the asset on a parabolic move. For now, the short-term bullish trajectory remains intact on the daily chart.
Litecoin’s Key Level To Watch
Source: Tradingview
Facing the $100 mark in the current rally, the $105.7 level is the next resistance to watch for a breakup, followed by the $115 and $120 levels.
The closest support levels to watch for a pullback are $95 and $91. Below these levels lie the $85.5, $80 and $77 supports.
Key Resistance Levels: $100, $105.7, $115
Key Support Levels: $95, $91, $85.5
Spot Price: $97.6
Trend: Bullish
Volatility: High
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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