Litecoin (LTC) Technical Analysis
The price of the coin has maintained its long-term ascending channel, which has existed since around 2018, and this channel has always had a determining role on the price of the coin during its ups and downs.The price is currently trading in an area very close to the mid-band of the channel and is struggling to stay above one of the strong support levels — $71.20. The price of LTC has many times reacted from the $63–$71 level, which is a very important detail on the chart. If the price gains momentum and goes up, $99.62 could be the first major resistance ahead. Should this resistance be broken to the upside, the next target could be set to the range of $139–$157, which is both horizontal and the channel’s upper band, and stands out as a very strong technical zone.
It might be derived that the area of $63–$69 should be followed as the last defense line should the price of LTC fall below channel support, and this long-term pattern might be at risk if this level gets broken downward.
In short, LTC might be offering great potential for long-term holders/investors. A strong rally could start if we see weekly closures above the level of $100.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to market conditions. However, the responsibility for making transactions and risk management belongs entirely to the user. In addition, it is strongly recommended to use stop-loss (SL) in relation to shared transactions.
