LITECOIN PRICE ANALYSIS & PREDICTION (February 19) LTC Continues to Defy The Odds, Advances Bullish Following 6% Daily Gains
Among the top 20 altcoins, LTC is the only asset to have seen a notable recovery from the recent monthly dip. It is trading bullishly near the top as it faces multiple resistances. A breakout should be expected soon.
Following a small pullback from $137.5 last weekend, LTC closed a bit weak but seemed to have resumed buying after holding well above $120 on Monday. This price level has provided support and is now charging to claim more highs, although facing some hurdles for a couple of days.
Looking at the daily price actions, LTC is forming an inverse head-and-shoulder pattern as it trades near its recent top. The key $140 level is considered the neckline of this pattern. A break above this level should signal a strong run-up, though the $147 level might pose a little threat.
Currently, theres no sign of selling. A rejection may cause a little setback in the market. If that happens, LTC may retrace to look for solid ground before resuming buying at full speed.
But from the look of things, the bulls are much more likely to sustain the pressure as they appear to be in control at the time of writing. A massive price movement can be expected shortly.
LTCs Key Level To Watch
Source: Tradingview
There are a few obstacles on the way up for the bulls. If they retake last weeks $137.5 high along with the January $141.2 high, the next major resistance for a test would be $147 before breaking up to $160.
LTC left a lot of untested support below in case of a pullback. The $120 level is currently supporting the latest surge. If the market drops below it, the level to watch for a test would be $110. Lower levels for retracement are $100 and $92.6.
Key Resistance Levels: $137.5, $147, $160
Key Support Levels: $110, $100, $92.6
- Spot Price: $131.5
- Trend: Bullish
- Volatility: High
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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