- Litecoin worth is exhibiting a bullish response because it tags the $124.62 assist degree.
- An extra build-up of shopping for strain is prone to propel LTC by 20% to $149.22.
- If the bears result in a breakdown of the assist flooring at $118, the bullish thesis will face invalidation.
Litecoin worth is presently indicating a reversal in worth after a two-week consolidation section. LTC is prone to retest the higher restrict of this vary in an try and shatter it.
Litecoin worth ricochets off pivotal barrier
LTC worth sliced by means of the $130.59 assist degree on July 14 however bounced off the quick barrier at $124.62. This sudden surge in shopping for strain resulting in a minor upswing may very well be much like the 20% impulsive transfer seen between June 27 and June 29.
Assuming this state of affairs performs out, traders can count on Litecoin worth to rally 20% to tag $149.23. Whereas this cussed barrier has been prevented throughout three earlier makes an attempt, a decisive 6-hour candlestick shut above it would sign energy amongst consumers.
Such a growth may appeal to sidelined traders, extending the 20% leg-up by one other 10% if LTC bulls handle to slice by means of $156.08 and $160.85.
LTC/USDT 6-hour chart
Whereas it’s optimistic to imagine a bounce to push Litecoin worth increased, traders mustn’t disregard the opportunity of a sudden downtrend. A possible spike in bearish momentum that pushes LTC under $124.62 will point out a weak point amongst bidders.
If the sellers push Litecoin worth under $118.60, not permitting the consumers to recuperate, it would invalidate the bullish thesis and, in some bearish circumstances, set off an 11% sell-off to the vary low at $104.78.