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Why Litecoin price is ready for a quick 30% recovery bounce

  • Litecoin price hovers around $72.8, eyeing a quick reversion to the mean.
  • Investors can expect LTC to trigger a 30% ascent if it can mow through the $82.3 hurdle.
  • A decisive daily candlestick close below $64.6 will invalidate the bullish thesis.

Litecoin price shows stabilization around a weekly support level after a brutal sell-off from its all-time high in May 2021. The said barrier is likely to trigger a quick uptrend that will allow short-term traders to benefit.

Litecoin price reveals a bullish outlook

Litecoin price has crashed 86% from its all-time high at $413.5 to $54.4. This nasty drop comes after the LUNA-UST depeg that occurred on the first weekend of May. Regardless, LTC seems to have found its footing around the weekly support level at $64.6. 

After a quick bounce off this level, Litecoin price is hovering around $72.6 and shows promise of a quick uptrend. Investors can expect LTC to retest the $82.3 hurdle, which is key in determining the bulls’ strength.

If buyers manage to shatter through this small resistance barrier, investors can expect Litecoin to retest the $94.4 hurdle. This move would represent a 30% gain from the current position. In some cases, LTC could extend higher and tag the $100 psychological price.

LTC/USDT 1-day chart

LTC/USDT 1-day chart

While things are looking up for Litecoin price, a failure to move higher could allow sellers to take control. Such a development followed by a decisive daily candlestick close below $64.6 will invalidate the bullish thesis for Litecoin price by producing a lower low. In such a case, LTC could crash by 63% and retest the range low at $24.0.

Author

Akash Girimath

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.

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