Litecoin (LTC) Price Analysis: Bears Eyeing $61.5 and $56.9 Supports After a 10% Weekly Drop
- 王林Original
- 2024-08-05 09:52:36775browse
Litecoin (LTC) saw a notable 10% weekly drop in the latest dip and lost a key level. While the trend looks highly bearish on the daily chart
Litecoin (CRYPTO: LTC) price saw a notable 10% weekly drop in the latest dip and lost a key level. While the trend looks highly bearish on the daily chart, it has seen a slight increase in the past hour.
What Happened: Litecoin traded slightly higher on Friday evening, attempting to recover from the losses incurred during the past week. The world’s seventh-largest cryptocurrency by market capitalization fell by 10% during this period.
After attempting to break higher on Tuesday, Litecoin’s price faced a quick rejection at the $77 level, triggering a drop that saw the price fall significantly below the key $70 level.
The cryptocurrency tested a low of $63.1 on Friday, following which its price retraced slightly, with it changing hands at around $66 at the time of writing.
The hourly price retracement appeared choppy due to low buying volume. If the bulls were to take advantage of this small increase, a buyback could be seen above the lost key level in the coming week. However, the demand level currently appeared to be low.
A close look at the market suggested that the bears were currently taking a short break. If they resume pressure, perhaps in the next four-hour candle close, more selling pressure could be expected in the market.
It was too early to begin considering a bullish move, as there were no signs of a major price shift. Litecoin is yet to bottom out on the daily chart. A bounce above the $90 level would signal a short-term shift in the market structure. However, as things stood, the bears were in control.
LTC Key Level To Watch Tonightbears are eyeing the $61.5 and $56.9 supports. If they reclaim these supports, the next drop level to watch is $52.
In case of a recovery, the resistance level to watch right now is $67.5. If the bulls push above this resistance, the next level for recovery is $71 and $77.
Key Resistance Levels: $67.5, $71, $77
Key Support Levels: $61.5, $56.9, $52
See More: Best Cryptocurrency Scanners
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