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LITECOIN PRICE ANALYSIS & PREDICTION (December 26) – LTC Halts Recovery Following A Slight Rejection, Down 3% Daily
The price of Litecoin has come to a grinding halt in its recovery attempt, as it has been met with a slight rejection. As a result, the cryptocurrency is currently experiencing a daily decline of 3%. This sudden shift in momentum has raised concerns about the future direction of the market.
As we previously reported, Litecoin had made a brief recovery from the recent correction, but unfortunately, this brief surge was not enough to sustain itself and push above last week’s breakdown level. The failure to do so has led to a fresh drop in prices, rendering it currently weak on the intraday trading scale.
The most significant takeaway from this analysis is that Litecoin is at a critical juncture. A breach below the psychological $100 level could trigger a more substantial correction, potentially sending prices plummeting to the $70 region or beyond before finding a strong level for a rebound. This possibility highlights the importance of careful consideration and caution in any trading decisions.
A closer examination of the 4-hour chart reveals that Litecoin is still locked into a lower low and lower high pattern. Failure to bounce back from this position may lead to a massive market reset, which could have far-reaching implications for investors and traders alike.
Despite this short-term correction, it’s essential to remember that Litecoin remains bullish in the mid-term. The current setback can be seen as a healthy reaccumulation phase preceding a larger upward rally. We will need to wait and see how the cryptocurrency reacts to these levels before making any conclusive predictions.
In conclusion, investors must remain vigilant and keep a close eye on the market dynamics. A successful breach of last week’s $87 low could set the stage for further losses, with the key support below this level being $70. On the other hand, if the price manages to increase above the $114.3 resistance that was previously broken as support, we can expect a more substantial recovery up to the $131.5 resistance and potentially even the $147 resistance that halted buying weeks ago. A break through these levels would ultimately confirm a new bullish rally.
Key Resistance Levels: $114.3, $131.5, $147
Key Support Levels: $100, $87, $78
Spot Price: $106
Trend: Bearish
Source: nulltx.com
