Litecoin is trading around the $80 mark with bulls holding support. Long-term targets are bullish, and the technical indicators indicate potential bearishness in the future.
The price movement of Litecoin is weak with bears probing key support levels. The altcoin is trading perilously near multi-month lows. Bulls are trying to protect important technical levels, which the market participants are monitoring closely.
Source – X
The future of LTC is determined by the performance of Bitcoin. A weakness in BTC would cause new selling in the market. LTC closed the day on a bearish note, according to cryptoWZRD on X. The trader observed that further decline is still possible in case Bitcoin faces downward pressure.
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Critical Support Zone Ultimate Test.
The line in the sand is the $79.60 level. A re-amend later re-test of this price, accompanied by weakness, would offer shorting opportunities. CryptoWZRD_ highlighted that the sideways movement may continue as long as Bitcoin experiences erratic volatility due to fundamental data releases.
Bulls are hopeful even when weak. The range of accumulation at 60-75 is still firm. On X, Wallah emphasised that this zone indicates powerful support. The trader emphasised that patience is still vital to the spot holders.
Resistance Levels Define Path to Recovery
Going past $120 is important for momentum change. The second significant resistance is at $180. As observed by ComeinDubai, a break and hold above these levels would suggest a major trend reversal.
The challenges in the short term do not reflect on the long-term projections. Bullish targets are between $250 and $300. The structure has long-term consolidation and growth potential in construction. Traders stress that capital protection is better achieved by avoiding leverage in the present conditions.
Source: https://www.livebitcoinnews.com/bulls-fight-to-hold-critical-ltc-base/
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