Litecoin’s (LTC) trend retains a level of cautious optimism as investors are paying attention to its key support and resistance points. After a period of indecision, investors are awaiting any further development of a positive trend for LTC or whether sell pressure from long-term supporters of the market could affect its price.
Crypto analyst CRYPTOWZRD reports that Litecoin has closed with a lack of direction, indicating an important upcoming decision. “I will be analyzing the lower time frames for the next scalp,” they write, also indicating that Bitcoin is still a leader of overall market sentiment.
Daily candles for LTC and LTC/BTC were positive as Bitcoin increased. If a positive trend in Litecoin develops, LTC/BTC must continue to form positive daily candles. As long as it remains above $80, the market will remain positive, but a fall can cause pressure, with the level at $68 being the nearest support.
At the time of writing, LTC is trading $77.53, while the market volume in the last 24 hours stands at $481 million, with a market capitalization of $5.96 billion. Over the last 24 hours, the LTC has surged by 0.43%, showing signs of improvement in line with market trends of Bitcoin.
Intraday charts depict volatility in terms of certain levels. Testing at $75.20, reversal, can generate long trading opportunities, while breaking below can generate short trading opportunities. There could be a resistance level at $79.60, giving short trading opportunities in case of rejection.
Also Read | Litecoin (LTC) Shows Cautious Gains as Market Watches Potential Move Toward $96
Adding to the market narrative, crypto analytics firm Alphractal pointed out that some LTC holders are now distributing the old supply of that cryptocurrency. A previous circulation of dormant coins has historically occurred at price tops and pull-backs. Perhaps this could mark the beginning of the price bottom.
As market sentiment and major technical levels are now aligned, the short-term outlook for Litecoin is dependent largely upon the direction taken by Bitcoin. Awaiting a confirmed trend is necessary before making any trades.
Also Read | Litecoin (LTC) Technical Analysis: Accumulation Phase Signals Breakout to $121
