- Litecoin price is stuck between two critical barriers that has trapped its volatility and kept it low.
- A recovery above $95.75 will be key if bulls want LTC to head northbound.
- A daily candlestick close below $73.40 will invalidate the bullish thesis.
Litecoin price shows a clear sign that it has no directional bias whatsoever. Investors need to be patient for a signal before they can hop on any LTC trades.
Also read: Litecoin could display strong performance ahead of its next halving event
Litecoin price in a tough spot
Litecoin price fell below $95.75 after failing to flip it multiple times between February 1 and April 18. This lack of momentum to the upside causes LTC to nearly 18% and slice through the $87.20 support floor, where the altcoin currently trades.
With the third halving on August 5, Litecoin’s block rewards are going to come down from 25 to 12.5. The anticipation of this event has already propelled LTC higher and is likely going to continue to do the same.
With this thesis in mind, investors need to pay close attention to the $95.75 hurdle. A flip of this resistance level could trigger a rally in Litecoin price to retest these key barriers - $115.25 and $131.79.
LTC/USDT 1-day chart
While the bullish outlook is based on “ifs,” investors need to pay close attention to Bticoin price and its next move. If BTC collapses, it will prompt Litecoin price to do the same. In such a case, a daily candlestick close below $73.40 will invalidate the bullish thesis.
Such development could further trigger a 21% descent in Litecoin price to tag the $57.78 support floor.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?