Litecoin (LTC) is trading near a key $68 support level after closing the latest session without a clear breakout, prompting analysts to warn that a decisive move could be approaching. The daily close reflected broader market sentiment, with Litecoin continuing to track Bitcoin’s overall direction.
At the time of writing, Litecoin is trading at $67.65, down 1.35% over the last 24 hours, with a 24-hour trading volume of $1.01 billion and a market capitalization of $5.19 billion, according to data from CoinMarketCap. Price action remains under short-term pressure as investors assess whether the current support zone will hold.
Crypto analyst CRYPTOWZRD posted a daily technical analysis of Litecoin, stating that the asset tested the $68.00 daily support level but failed to establish a clear intraday structure. The analyst added that Litecoin’s latest daily candle closed without a clear directional trend.
CRYPTOWZRD pointed out $71.40 as a level to watch for resistance. A rejection at or near this level could spark a new wave of selling, possibly leading to a short-term correction. On the other hand, a break above resistance could indicate a shift in market structure.
On higher time frames, the overall technical analysis for LTC is mixed. The daily chart for the LTC/BTC pair closed positive, showing relative strength. Nevertheless, the weekly chart for LTC closed bearish, and the weekly chart for the LTC/BTC pair showed indecision, which means a stronger confirmation is required for an upside move.
Analysts also pointed out that the dominance of Bitcoin is expected to have a significant influence on the next move of LTC. As long as Bitcoin is setting the tone for the overall market, LTC is expected to follow suit.
From the short-term trading view, CRYPTOWZRD noted extreme volatility in intraday charts, with prices stuck in a tight range. A breakout above $71.40 would offer a short-term buy signal, but failure could see LTC fall to the support level of $64.00. The analyst highlighted that waiting for a better chart formation could lower the risk of losses.
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Adding a longer-term outlook, crypto analyst JonnyJpegs highlighted Litecoin’s overall chart patterns, stating that both linear and logarithmic charts display multiple long-term technical patterns that are still supporting a positive outlook. In the opinion of the analyst, phases of consolidation are typical when the long-term potential is being ignored by the market.
As Litecoin continues to consolidate around a strong technical level, market participants are eagerly waiting to see if the $68 level can be maintained. A strong bullish reversal could trigger a move towards the $80 resistance level, while a breakdown below the level could pose a strong threat to the cryptocurrency.
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