Litecoin (LTC) Price Analysis & Key Levels To Watch

As Bitcoin traded calmly over the past hours, several large-cap altcoins have increased dramatically since yesterday including Litecoin

As Bitcoin calmly traded sideways on Friday, several large-cap altcoins enjoyed a strong night with double-digit gains. Among them was Litecoin, which appeared to just start bullish amid this week’s surge.

The second-oldest cryptocurrency experienced serious accumulation in the past two months after sharply rejecting the $49 level in August. Marking that level as the end of the correction phase, it recovered and subjected the trend to sideways.

But after gathering enough liquidity, it initiated a major buy and broke through a key resistance to a seven-month high yesterday. Failing to sustain momentum, it lost steam and dropped to a trading price of $86.7.

The bullish signal is still valid on the weekly scale, but the price is currently weak daily. While the bulls are taking a small breath, we can expect a quick recovery when they return.

Right now, the bears are temporarily in charge. If they stay longer than expected, the price may drop until it finds a solid ground for a rebound. So far, the $86 level has produced support in the past hours.

Out of the top ten altcoins, several enjoyed an overwhelming gain since the start of the month. Among them were Dogecoin, Chainlink, and Solana, which soared by 54%, 43%, and 34%, respectively.

LTC, on the other hand, appeared to just start bullish this week. While others enjoyed a multi-week rally, Litecoin’s price remained largely flat until now.

Litecoin’s Key Level To Watch

Following today’s drop, the $82.8 level is considered the closest support for a rebound. If the price continues to drop, LTC may navigate the $77 level for support. Below it lies $68

In the next buying, the $98.5 and $106 levels are resistance to watch for a test. A clear surge through these levels could send the price to $113 and potentially $120 in no time.

This article is brought to you by our partners at NullTX.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

The Block provides a daily roundup of cryptocurrency news and prices. Subscribe here to get it in your inbox