LITECOIN PRICE ANALYSIS & PREDICTION (July 12) – LTC Remains Indecisive After Pulling Under $100, Can it Bounce Back?
Litecoin found support after pulling back from its yearly high in the past week. But it is yet to regain momentum due to low trading volatility. However, its mid-term bullish remains intact on the weekly scale.
After taking off at $71` last month, Litecoin went through several hurdles and suddenly flipped the psychological $100 level to reach a one-year peak of $115 earlier this month. That 40% surge alone saw the price out of the wood from a short-term perspective.
The price fell from that peak price level and corrected lower to $91.6 on Monday – a technical retest pattern of last month’s breakout. It sharply bounced off and closed the day with a bullish pin bar candle. This candle pattern suggests that the buyers are likely to step back. But there’s inadequate volume to take advantage of this provided buying opportunity. As a result, trading volatility may further shrink with choppy price actions if volume inflow remains low.
The asset has been indecisive for almost a week now. An increase above the mentioned psychological level would activate a more bullish trajectory from a mid-term perspective. Otherwise, the lack of interest may elapse with more potential drops.
However, looking at the bigger picture from a long-term perspective, Litecoin has remained bullish since the start of the year, returning roughly 100% in a year.
Litecoin’s Key Level To Watch
Source: TradingView
An increase above the immediate resistance level of $97.6 could push the price to the $100 and $103.5 resistance levels. Above these resistance levels lie $105, $110 and $115 before breaking higher.
If LTC loses $94 and the weekly support of $91.7, the next sell target to keep in mind is $90 and $87.5. Lower levels to watch for a deep pullback are $84.2 and $818 in case of more decline.
Key Resistance Levels: $97.6, $100, $103.5
Key Support Levels: $94, $90, $87.5
Spot Price: $96
Trend: Neutral
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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Filed under: Bitcoin - @ July 14, 2023 5:07 am