Litecoin price to make a pitstop at $163 before LTC triggers 40% bull rally
- Litecoin price is pausing after dropping 9% on October 28.
- LTC might continue its descent by another 9% to retest the stable support floor at $163.89.
- A bounce from this barrier could kick-start a new rally to $232.94.
Litecoin price failed to sustain its ascent that began on September 30. This inability of the buyers led to a crash on September 27. While this descent might continue, it will set the stage for a new leg up.
Litecoin price anticipates further losses
Litecoin price is currently seeing a bullish reaction off the $177.90 support level after crashing roughly 9% on October 28. This downswing is just the tip of the iceberg as the crypto market coils up for another crash.
A failure to produce a daily close above $189.75 will confirm that Litecoin price will head lower. In such a case, LTC could slice through $170.61 and retest $163.89. Although the Litecoin price might dip below this support level, the buyers are likely to make a comeback.
In such a case, Litecoin price will have enough oomph to shatter the overhead barriers and produce a decisive daily close above $190. Doing so will allow Litecoin price to contest the October 21 swing high at $215 and eventually make a run at the September 5 swing high at $232.94.
This run-up would constitute a 40% advance from $163.89.
LTC/USDT 1-day chart
While things might be looking grim for Litecoin price, a decisive daily close below $139.80 will create a lower low, invalidating the bullish thesis. In such a case, LTC could experience a 14% crash to the immediate support barrier at $119.64.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
