As most altcoins dropped to their bottom following past months of bearish, Litecoin remained bullish and continued to show signs of strength. It has gained almost 13% in a week.

The price of Litecoin has continued to increase over the past few weeks following a bullish formation on the daily chart. However, it has been footing a fresh increase since the price corrected deeply to the low of $65 in the first quarter.

After recovering well to around $103, the price dropped again in early May following a bearish crossover from the preceding month. Other altcoins suffer a huge loss during that period as many plunged to their bottoms. 

Fortunately for Litecoin, it found a solid level above the $75 level, held it as support and bounced back to $94; where it saw a rejection in mid-May. It fell from there and picked up again to this rejection level. 

Meanwhile, the bears have mounted a solid resistance zone around the $100 and $105 price levels. The bulls must conquer that vital zone to gain control for a long-term rally. If they fail to do so in the future, the bears will continue to take advantage of the zone to initiate more sell-off. 

A continuous push from the current trading level could see the price to the mentioned resistance zone before deciding on where next to head for. But as it stands now, LTC is still maintaining its one-year ascending channel and looking so bullish across major time frames.

Litecoin’s Key Level To Watch

Source: Tradingview

If the price continues to surge, the next buying target would be $97.6 before rising to the vital resistance zone. Inside the zone lies the $103.5 level. The resistance levels above the zones are $110 and $115. 

In case of a drop, the levels to watch for pullbacks are $90, $87.5 and $84.2. If a breakdown occurs from there, the next lower level would be $81.87.

Key Resistance Levels: $97.6, $100 $105.8

Key Support Levels: $90, $87.5, $84.2

Spot Price: $94
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.

Image Source: wirestock/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ June 2, 2023 7:21 am