Amid recent price falls, Litecoin regained strength after locating support this week. This puts the asset in a 4% gain with a traded volume of $331 million in the last 24 hours. Still, it remains bearish on the mid-term.

Two weeks ago, Litecoin rejected the $70 level after recovering nicely from the monthly crash. This rejection triggered another decline and the price dropped, forming a lower low and lower high on the 4-hour chart.

However, the overall market outlook remains bearish from a mid-term perspective, but Litecoin appeared making a potential shift in the trend following a recent buy from the $59 level earlier this week. 

Meanwhile, the latest buy actions look like a retracement of the bearish impulsive movement forming in the 4-hour timeframe. It just rejected $67 – creating a lower high. If the bearish pattern continues to play, it may plunge into the $55 range to create a new lower low, and such an action may lead to bigger expansion in the coming month.

Of course, Litecoin is attempting to close the month on a strong note. A weekly close above the recent high could activate a primary breakout before rallying hard. While a bullish reversal move is uncertain, it is important to note that the market is still under the bears’ radar. 

Litecoin’s bulls currently aim to reclaim the $68 resistance. If they succeed, $72 and $77 would be their next target resistance levels.

Aside from the recent buy level that held as weekly support, $62 is a close support to watch for a drop. If they collapse, lower supports to keep in mind are $55.4 and $49.8 with a potential breakdown to $47.

Key Resistance Levels: $68, $72, $77

Key Support Levels: $62, $55.4, $49.8

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: pitinan/123RF // Image Effects by Colorcinch

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