As most altcoins witnessed a serious surge throughout this week, Litecoin remains indecisive after recovering by almost 25% in a month. The trend still looks bullish as it traded well above the $70 level.
Amongst other cryptocurrencies, Litecoin appeared lagging in the latest surge in volatility. However, it has seen a notable recovery since the price dropped to the low of $57 in August.
Due to a little shrink in volatility, it paused buying and remained in the middle of consolidation for almost five days.
Today, the coin attempted to move out of the consolidation phase but failed due to a slight rejection at $76.8. From the look of things, Litecoin is likely to advance higher this week. As shown on the price chart, it is building up for a big explosion.
The market is trading well above the $70 level on a weekly. Should the asset lose ground and fall below this level, the price may pull near $60 before it picks up again. A further dip may bring the price back to its yearly low.
Nonetheless, the setup is still looking positive on the daily timeframe. LTC targets a key resistance level that the price broke down as support in August. If that comes into play this week, we can expect more rallies towards the $100 mark in no time.
Source: TradingView
On the hourly chart, the target level for a potential breakup lies at $80.5. A push above this level could propel buying to $85 and $90 on the daily timeframe.
Considering a drop below the weekly $70.8 support level, the price could pull slightly to $66.5 – which serves as support throughout last week. If the price pulls lower, the $62 level would be the next support to watch.
Key Resistance Levels: $80.5, $85, $90
Key Support Levels: $70.8, $66.5, $62
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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