Litecoin (LTC), a popular cryptocurrency, recently demonstrated positive recovery signs from its $75 support zone. Despite a recent decline, LTC has successfully breached the $78.00 and $80.00 resistance levels, sparking interest among investors about its next potential milestones. The focus now shifts to whether LTC can maintain its upward trajectory in the face of new resistance levels.
Current Challenges and Breakthroughs
The LTC market bulls have managed to push the price above $82.00. However, a major challenge lies at the $83.00 resistance on LTC’s 4-hour trading chart. While the cryptocurrency trades below $85, it shows potential for further gains, with eyes set on surpassing the impending $84 resistance.
What Happens if Resistance Persists?
If LTC manages to break above the $84 resistance, market watchers anticipate a strong uptrend that could propel prices towards $88.50 and even $90.00. This potential rise could extend to the $95.00 resistance area, marking a significant bullish outcome for Litecoin.
Key Insights for Investors
- The $84 level is pivotal for a potential bullish breakout.
- Failure to overcome $84 could lead to a price correction towards lower support levels.
- Monitoring the $85 level could be crucial for catching quick market moves.
Conversely, if LTC fails to surpass the $84 level, there’s a risk of correction that might push the price back to lower support zones around $80 and $77.80. Dropping below these levels could lead to further declines towards the $75 and potentially the $70 support levels.
Technical indicators such as the 4-hour MACD and the RSI are currently bullish, suggesting that the upward price momentum could continue. However, investors should remain vigilant, as a break below key support levels could significantly alter the market’s direction.