2023-4-26 07:59 |
Litecoin took a heavy downturn a few days ago after facing a critical resistance zone. The forming H&S pattern could activate a parabolic move if the price recovers above $100.
In March, Litecoin recovered from a deep correction and gained traction. It reclaimed several resistance levels on the way up and revisited the $100 – $105 resistance zone earlier this week.
Just after revisiting that zone, it remained briefly calm and took retail traders and investors by surprise, releasing a sudden surge in volatility. The heavy hit dragged the price of Litecoin to the south with a total of 12% loss in three days.
Although the major reason for this drop is Bitcoin’s price breakdown this week, driving most top altcoins to their weekly lows. Due to this, LTC is now hovering around a key support level of $90 after multiple rejections.
Meanwhile, it technically forms a head and shoulders pattern on the current daily chart. It must complete the right shoulder with a solid bounce to activate a mid-term rally. The neckline remains a crucial break level for a huge rally.
It has recovered well since mid-2022. But the bearish heat map is still all over the market. We can expect relief if the bulls react strongly to price actions with a huge buyback. It has shed a relative 3% loss since yesterday.
Litecoin’s Key Price Level To Watch Source: TradingviewLitecoin has rejected the $89 level over the past few days. If a bounce occurs about it, the levels for recovery would be $95, $98.4, and $102.4, respectively. The levels to watch above those levels are $107 and $110.
In case of more dips, the supports to watch below the current rejection level are $85, $81.8, and $78.1 concurrently. There’s also support at $74 should the selling extends further.
Key Resistance Levels: $95, $98.4, $102.4
Key Support Levels: $85, $81.8, $78.1
Spot Price: $89.6 Trend: Bearish Volatility: ModerateDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: andreystv126/123RF // Image Effects by Colorcinch
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