Litecoin Price Analysis: On June 30th, Litecoin witnessed a significant inflow of buying pressure, resulting in a massive bullish candle that breached two important resistance levels – the long-coming resistance trendline and the $103.2 mark. This development in the LTC price3 is likely associated with the Canadian government’s approval for unlimited trading of Litecoin and other cryptocurrencies. However, the bullish rally has taken a temporary halt after reaching a high of $115 and initiated a new correction phase to validate if the breakout is genuine.

Also Read: Beware of the Litecoin (LTC) Price Rally, Here’s Why 30-40% Correction Is Possible

#Litecoin Price Daily Chart

  • A successful hold above $103 could pave the way for the LTC price to target the next resistance at $133.

  • The $93.5 level stands as crucial support accompanied by breached trendline retest, 50% FIB level

  • The 24-hour trading volume in the Litecoin coin is $1.29 Million, marking a 49% loss.

The lower tail rejection observed in the daily candle reflects the buyers obtaining strong support that can assist them to climb higher. If the buyers manage to hold above the $103 level during the pullback, it would validate the breakout and potentially trigger the next phase of the rally. 

Can Litecoin Plunge Below $100?

Depending on the current market sentiment, the Litecoin price could correct longer than its current price. Thus, to identify potential retracement, the Fibonacci retracement tool indicates significant support levels at $104.6(23.6% FIB), followed by $98.4(38.2% FIB), and $93.5(50% FIB). a correction this level will still be considered healthy for a potential rally.

  • Directional Movement Index: A DI+(blue) slope wavering above the DI-(orange) lines indicates a bullish alignment in Litecoin.

  • Exponential Moving Average: The daily EMAs(20, 50, 100, and 200) left behind indicate the overextended rally needs to be stabilized.

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