As Bitcoin traded calmly over the past hours, several large-cap altcoins have increased dramatically since yesterday including Litecoin, which is now slightly down on the day. However, it is still up 15% weekly.

Litecoin has 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.

However, 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.

While few top altcoins have seen an overwhelming gain since the start of the month, LTC appeared to just start bullish amid this week’s surge.

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.

Key Resistance Levels: $98.5, $106, $113

Key Support Levels: $82.8, $77, $68

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

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