Lorenzo Stroe
Independent Analyst
- Litecoin price remains contained inside an ascending parallel channel on the 12-hour chart.
- LTC bulls have defended a key support level and aim for a massive 50% rebound.
- There seems to be weak resistance to the upside for Litecoin.
After an overall market crash in the past 48 hours, Litecoin price quickly dropped from a high of $247 to a low of $157. However, the digital asset defended a critical support level and aims for a massive rebound.
Litecoin price eyes up potential 50% rebound
Litecoin price has been contained inside an ascending parallel channel for the past month. In the past 48 hours, LTC bulls have defended the channel's lower boundary and now are back on track, targeting a weak resistance to the upside.
LTC/USD 12-hour chart
The next price target is located at $210, which is the middle trendline of the pattern, and the next level for the bulls would be $250 at the top. The In/Out of the Money Around Price (IOMAP) chart indicates that Litecoin faces only one key resistance area on this path.
LTC IOMAP
A breakout above the area between $200 and $205 should quickly drive Litecoin price towards the upper boundary of the ascending channel at $250.
However, the IOMAP model also indicates that Litecoin only has one strong support area between $182.7 and $188.3 on the way down. Losing this critical range can easily push Litecoin price down to $166, which coincides with the lower trendline of the ascending parallel channel.
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