Litecoins Fate Hinges on $136 Breakout Will It Rally or Plunge?
- Litecoin droppd 6.06% in dy nd 11% ovr th wk, pushing its mrkt cp to $9 billion.
- Th pric pkd t $131.95 but fild to hold bov th 50% Fiboncci lvl t $129.38.
- A bullish rvrsl nds $136 brkout, whil downsid risks rmin t $111 nd $98 support lvls.
Th cryptocurrncy mrkt is undr hvy slling prssur s Bitcoin crosss th $80,000 mrk. Litecoin, which brifly showd signs of rcovry, hs bn unbl to hold its momntum. A short-livd two-dy rbound ws quickly ovrturnd, lding to stp dclin of 6.06% in singl dy. Ovr th pst wk, it hs droppd 11%, pulling its mrkt cpitliztion down to $9 billion.
Looking t Litecoins pric movmnt, th bullish push fild to brch th 50% Fiboncci lvl t $129.38. Th digitl sst rchd pk of $131.95 but fild to sustin its upwrd movmnt. Tht rjction snt th pric tumbling, forming brish ngulfing cndl tht ovrshdowd th prvious rvrsl rlly. As rsult, Litecoin currntly trds t $119, with furthr downsid potntil ying th $110 support lvl.
Litecoin Needs $136 for Rebound
Litecoins rcnt pullbck hs brokn through th 38.2% Fiboncci support t $121. Mrkt indictors r tilting towrds brish outlook. Th MACD nd signl lins r lignd in downwrd trnd, whil th RSI struggls to rmin bov th midpoint, signling indcisivnss mong trdrs.
A criticl support zon rmins t $111, with dpr rtrcmnt potntilly tsting th $98 dmnd lvl. On th upsid, ny bullish ttmpt would nd to clr th $138 rsistnc bfor Litecoin could im for th psychologicl brrir t $150. For now, howvr, mrkt sntimnt lns towrds cutious trding s invstors wit for strongr confirmtions.
Crypto nlyst Ali Martinez rmins optimistic bout Litecoins futur. In rcnt twt, h sttd, Th LTC pric rlly must surpss th $136 rsistnc lvl for bullish continution. H furthr mphsizd tht dily cndlstick closing bov this lvl would confirm sustinbl uptrnd.
Growing Network Signals Bullish Trend
Dspit th rcnt pric dclin, Litecoins doption continus to grow. An X post by trader LEMONCHILD on February 27 highlighted that th numbr of LTC holdrs hs surgd pst 8.1 million. Ovr th pst 24 hours lon, 12,000 nw invstors hv joind th cosystm, rinforcing confidnc in th ssts long-trm potntil.
Ntwork ctivity lso rflcts this bullish sntimnt. Hshrt lvls hv rchd ll-tim highs, indicting strong mining prticiption. Incrsd scrcity nd historicl trnds of shrp pric movmnts following ccumultion phss suggst tht Litecoin could b primd for nothr brkoutif buying prssur rturns.
For Litecoin to rgin strngth, it must first hold bov th $110 support lvl. A brkdown blow tht could s th pric rvisit $98, whr buyrs might stp in to dfnd mor significnt drop. On th flip sid, if bulls rgin control nd push pst $136, it would st th stg for mov towrd $150.
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Read more: https://www.tronweekly.com/litecoins-fate-hinges-on-136-breakout/
Text source: TronWeekly
