- Litecoin price is undergoing a pullback and might retest a crucial support barrier at $124.62.
- If the buyers make a comeback, investors can expect a full-blown rally to tag the range’s midpoint at $164.72.
- If LTC slices through $118.60 but fails to reclaim it, the bullish thesis will face invalidation.
Litecoin price is in a consolidation stage and does not show a clear directional bias. However, LTC is likely to continue its correction in the short term until it finds a stable support barrier.
Investors can expect a potential buying pressure at this point to propel LTC.
Litecoin price undecided on its destination
Litecoin price has been consolidating after setting up a local top at $149.02 on June 29. The ongoing correction is likely to create a lower high at $130.59. In some cases, the pullback will likely correct to $124.68, followed by $118.60.
Although uncertain, the buyers might make a comeback at $124.68 or $118.60.
Assuming the uptrend kick-starts at $124.68, the most likely upside target would be the range’s midpoint at $164.72, which constitutes a 30% ascent.
The reason for this optimism is Bitcoin and its market structure, which hints that a rally to the range high at $42,451 is around the corner. Hence, if BTC triggers such a climb, altcoins, including LTC, will follow suit and retest crucial levels.
However, for Litecoin price, the ascent might face a premature stop at $149.23, $156.08 or $160.85 resistance levels. Therefore, investors need to keep a close eye on these supply barriers.
LTC/USDT 4-hour chart
On the other hand, if Litecoin fails to hold above the support level at $118.60, it will indicate that the buying pressure was insufficient. While a sweep of this demand barrier is likely, a failure to produce a decisive 4-hour candlestick above it will invalidate the bullish thesis.
If this were to happen, LTC might slide 12% to retest the swing low at $104.80.
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
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.