The price of Litecoin (LTC), which had a precipitous slide from its all-time highs set in May 2021, looks to have found some stability at a new weekly support barrier. The barrier that was discussed earlier has the potential to result in an unexpected increase in price, which would be profitable for traders that concentrate on the short term.
- Litecoin’s price is now stable at $72, and it is aiming for a speedy return to its mean value.
- If the barrier of $82.3 is overcome, a 30 percent boost in Litecoin payments will be a pleasant surprise.
- The bullish narrative will be invalidated if a significant daily candle closes at a price lower than $64.6.
The data provided by Litecoin indicates a bullish outlook.
The price of Litecoin has fallen by 86 percent from its all-time high of $413.5 to its recent low of $54.4. This is a decline of $54.4. The steep decline can be attributed to the crisis that occurred at UST and LUNA during the first week of May, which in turn caused the crisis. The alternative token now has a support level of $64.6, which was just established.
After a swift recovery from the bottom, the price of Litecoin skyrocketed to $72. In addition, it would appear that the alternative cryptocurrency is getting ready to experience yet another increase in the price of its tokens. The market participants can anticipate that Litecoin will try to retest the barrier that is located around $82.3, which is an important zone in determining the degree of bullish strength. This can be expected to happen sometime in the near future.
If purchasers of LTC are successful in breaking this barrier, observers of the market should prepare themselves for a rise toward the level of $94.4, which serves as resistance. If something like this were to happen, the price of LTC would go up by thirty percent relative to where it is right now. It is possible that the token’s value will rise to the psychologically significant level of $100 under certain conditions.
Even while things are looking positive for the price of Litecoin, there is still a possibility that the alternative token may be dominated by sellers if it is unable to surge higher. Litecoin’s bullish case for a lower low will be nullified with a move like this and a substantial dialing candle closing below $64.6. Because of this, there is a possibility that LTC would plunge by 63% and retest its lows at $24.
For the time being, Litecoin looks to be committed to fast uptrends while hovering near the area of $72 in price. It is possible that the alt will have a 30 percent increase in order to contend with higher barriers. To maintain the possibility of an upward price move, bulls need to stop a 24-hour candlestick from finishing at a price lower than $64.4.
In addition, investors in LTC should keep an eye on the general sentiment of the market to assure profitable ventures. There is no upward movement in the market at this publishing, which means that bears rule the roost. The price of bitcoin is unable to establish itself at or above the $30,000 zone. BTC is currently trading at $29,809, representing a loss of 2.08 percent in the last 24 hours. A view like this could put a damper on LTC’s positive momentum.