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LITECOIN PRICE ANALYSIS & PREDICTION (December 26) – LTC Halts Recovery Following A Slight Rejection, Down 3% Daily
Following a brief recovery from the recent correction, Litecoin’s price has halted its upward movement and initiated fresh drops after failing to push above last week’s breakdown level. Currently, it appears weak on the day following a slight 3% loss.
The cryptocurrency ended last week’s trading session on an unpleasant note for LTC holders after experiencing a significant downturn during the week. However, it managed to find temporary solace after a sharp bounce and started this week’s trading on a recovery mode. This brief relief was short-lived as the price stalled due to a rejection and has since fallen, appearing weak in intraday trading.
If the price drops below the psychological $100 level, it could lead to another severe correction capable of plummeting the price to the $70 region or even beyond before finding a strong threshold for a rebound. When examining the 4-hour chart, Litecoin is still following a lower low and lower high pattern. Failure to bounce back may result in a massive market reset.
Despite the short-term correction appearing healthy for the market as it reaccumulates for a bigger upward rally, Litecoin remains bullish in the mid-term. We can expect this upward momentum to resume once the price finds a strong threshold.
Litecoin’s Key Level To Watch
As Litecoin slowly resumes its correction, it must successfully break through the mentioned psychological level before dipping to $87 and then potentially $78. The key support below this level is at $70.
If the price increases above the $114.3 resistance that broke as support last week, we can expect more recovery to the $131.5 resistance along with the $147 resistance that halted buying weeks ago. A break above these levels would confirm a new bullish rally.
Key Resistance Levels: $114.3, $131.5, $147
Key Support Levels: $100, $87, $78
Spot Price: $106
Trend: Bearish
Volatility: Low
Source: nulltx.com
