At the moment, the price of #Litecoin is hovering below the psychological threshold of $100 and a resistance level that is decreasing.
As a result of the positive market structure, #LTC has the potential to begin an increase leading to $119.84.
In the event that the support level at $76.78 is broken, the bullish thesis will be rendered worthless.
The price of Litecoin (LTC) is showing signs of resilience as it works to recoup from the losses it sustained the previous week. LTC is confronted with two significant challenges, the successful resolution of which might result in enormous advantages for the alternative cryptocurrency.
The price of Litecoin is about to break through crucial levels.
Since March 2022, the price of Litecoin has reached three lower highs over this time period, and it is presently hovering below the trend line that connects these swing points. In addition, the price of LTC is below the psychological threshold of $100, which makes these two hurdles quite important.
The momentum indicators known as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are both greater than their respective mean values of 50 and 0, indicating that the market is dominated by buyers.
As a result, if the price of Litecoin continues to show signs of bullish momentum and manages to break through the confluence resistance level at $100, it may invite buyers who have been sitting on the sidelines to enter the market, which may possibly initiate a breakout rally. Some of these purchasers will have their sights set on the weekly ceiling price of $119.84 as the aim for possibly booking gains.
If the price of Litecoin were to advance in this direction, it would represent a 32% increase from its current position.
To the contrary, the positive forecast for Litecoin might be rendered meaningless in the event that the pioneer cryptocurrency, Bitcoin precipitates a significant drop. In the event that this occurs. In the future, the price of Litecoin may return to the $75.78 support floor.
In the event that this level is broken, a lower bottom will be created, which would render the bullish thesis useless. There is a possibility that LTC might be priced at $53.83, which is roughly thirty percent less than the previous price of $75.78.
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