Litecoin (LTC) Price Prediction: Bulls Aim to Reclaim the Point of Control (POC) at $65.5

Litecoin [LTC] traded within a range between the $60 and $74.9 levels. Over the past two weeks, the bulls have made a valiant effort to drive prices past the Point of Control (POC) and keep them there.

Litecoin’s [LTC] price action has been closely watched by traders as the cryptocurrency attempts to break out of a downtrend that began in May. Litecoin’s recent rally has brought it closer to key resistance levels, and traders are now speculating on whether the cryptocurrency will be able to continue its uptrend or if a pullback is imminent.

Litecoin’s 3-month liquidation heatmap (Coinglass) shows that a significant amount of long positions have been liquidated in the $71.7-$72.8 range. This cluster of liquidity could act as a barrier to Litecoin’s price, preventing it from moving higher in the short term.

However, it is also worth noting that Litecoin’s price has already fallen back to $71 once during this latest rally, despite climbing as high as $73.07. This suggests that there may be less selling pressure at lower prices than traders initially anticipated.

If Litecoin’s price does manage to clear the $75 resistance level, it would be the first indication that a breakout past the 78.6% Fibonacci retracement at $82.6 is possible, especially considering that liquidity thins out considerably above $75.

Such a move would be significant, as it would put Litecoin on track for a long-term uptrend, especially given that a downtrend began in May.

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