LITECOIN PRICE ANALYSIS & PREDICTION (December 18) LTC Turns Weak Amid Latest Drops, Slides Back To $120
Despite the latest reduction, Litecoins sentiments remain positive in the mid-term. It maintained a higher high and higher low pattern on the daily chart. A break above the monthly high could stir a fresh rally.
Last weeks sudden sell-off is still causing panic among short-term buyers as they have struggled with volatility in the past few days. Though they have pushed back, their recent commitment is not strong enough to retake the previous highmarked at $147 earlier this month.
The $131 level suppressed buying yesterday and as we can see, the price is currently weak on the day following a 5% loss overnight. Dropping below the holding $113 level could facilitate bigger losses. On the other hand, it must break above the monthly high for more positive actions.
However, with the latest setup, LTC may post less loss in the next few days compared to some top altcoins, which are still in a downward range and looking for firm support to foot another bullish rally.
Litecoins general market structure remains bullish on the daily chart. A break above the mentioned monthly high should confirm a new buying phase. But considering the current daily drop, the bulls may face a small hurdle before regaining control. For now, the next move is indecisive.
LTCs Key Level To Watch
Amid the latest drop, Litecoin may fall to $113 before advancing bullish. If this price fails to contain pressure, it may roll back to last weeks $101 low to reestablish support. The $88 level is another support to consider for more drops.
If Litecoin shows strength again and manages to push above yesterdays $131.5 high, the immediate resistance to watch for an increase is $147, followed by a break to $150 and $160 in no time.
Key Resistance Levels: $131.5, $147, $160
Key Support Levels: $113, $101, $88
- Spot Price: $120
- Trend: Bullish
- 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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