LITECOIN PRICE ANALYSIS & PREDICTION (February 24) – LTC’s Contraction Continues: When Will It Break Out Of This Tight Range?

2024-2-24 08:56

Litecoin is in red again due to recent price rejections. It has lost 2% in a week while finding a key level to initiate a fresh buy. However, it remained in a long tight range, gathering liquidity for big price movement.

The $60 and $80 levels have become a tight range for Litecoin since the last quarter of 2023. As a result, it has been struggling to move out of this range due to continuous volatility contraction.

After experiencing a small recovery, which halted at $73.5 last week, it initiated selling this week and fell below the $70 level. The latest price weakness revealed an increase in supply, which could plunge the price back to the bottom.

Should Litecoin find solid ground, the price could bounce back above the recently lost key levels. A further recovery may lead to a notable surge in volatility.

While the mentioned tight range levels are serving as support and resistance on the current daily chart, a break out of these levels should trigger a huge price movement from a long-term perspective.

Considering the recent market rally that led to major breakups amongst altcoins, LTC is lagging behind and yet to witness a break out of its mid-term range.

Aside from providing a buying opportunity for a short-term gain, it is one of the cheapest top coins to watch for a long-term gain once a breakout occurs.

Litecoin’s Key Level To Watch Source: Tradingview

Towards the downside, there’s an immediate support at $66.5. If the price continues to drop, it may encounter support at the $63.2 level before testing $60, where a breakdown lies.

Retaking this week’s high of $71.5 could allow an increase to the $73 and $77 resistance levels. A push above it may trigger a surge to $80, where a breakup lies.

Key Resistance Levels: $73, $77, $80

Key Support Levels: $66.5, $63.2, $60

Spot Price: $69.6 Trend: Neutral Volatility: Moderate

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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