- Litecoin has its price hovering at $72, targeting a swift reversion towards the mean.
- Overpowering the hurdle at $82.3 will welcome a 30% increase for LTC.
- A significant daily candle closing beneath $64.6 will cancel the bullish narrative.
Litecoin (LTC) displays stabilization at a new weekly support barrier following a massive crash from its May 2021 all-time highs. The mentioned barrier can catalyze a swift surge that means profits for near-term traders.
LTC Paints a Bullish Picture
Litecoin’s price declined by 86% from the $413.5 ATH to explore the lows of $54.4. the brutal fall emerged after the UST and LUNA crisis during May’s first week. Nevertheless, the alternative token appears to have secured a foothold around $64.6, a weekly support barrier.
A quick rebound from the footing propelled Litecoin towards $72. Moreover, the altcoin appears ready for another swift upsurge. Market players can expect Litecoin to retest the hurdle at $82.3, a vital zone in determining bullish strength.
If LTC buyers overcome this obstacle, enthusiasts can expect a climb towards the resistance at $94.4. Such a move would mean a 30% upsurge from LTC’s current price. Some scenarios can see the token stretching higher towards the psychological level at $100.
Though things appear upside for LTC price, the alternative token might see sellers dominating if it fails to rally higher. Such a move plus a significant dialing candle closing under $64.6 will cancel the bullish case for Litecoin through a lower low formation. That can see LTC crashing by 63% to retest the $24 range lows.
For now, LTC seems dedicated to swift uptrends while hovering near the $72 vicinity. The alt might witness a 30% upward move to challenge higher obstacles. Meanwhile, bulls should prevent a 24hr candlestick closing under $64.4 to keep the upside case in play.
Also, LTC investors should monitor broad market sentiment to ensure money-making undertakings. Bear controls the market at this publication, annulling all upside trials by assets. Bitcoin fails to cement its spot at or beyond the $30K zone. BTC trades at $29,809, losing 2.08% in 24 hours. Such an outlook might ruin LTC’s upside party.
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