LTC Moving from Bear to Bulls with Support of $121

Technical Analysis source Blockchain News media

At the time of writing LTC is trading at $129.54 and has risen from $130 by about 5% during the day. LTC has had an interesting week with hitting its highs at $139.9 and then dropping slowly through 23rd to $135. It had a sideways trading period from 23rd onwards to trade between $141.26 to $135.20 till 25th January.

The currency has fallen dramatically and fell short of its first resistance level of $140.20. It has even crossed the first support level of $128.7 and second one at $117.6. The coin saw a sell-off which saw it fall through the 38.5% FIB level of $125.

With less than 18 million Litecoins left to be mined, accumulation has been going in the currency.

What is Working for LTC

Grayscale Investment Trust, the largest crypto asset manager, accumulated 10,234 Litecoin in the last few days bringing much joy to the prices. This accumulation shows the confidence in the coin by institutional investors.

Trading Levels and Week Ahead

First Major Support Level: $119.37

Pivot Level: $125.25

First Major Resistance Level: $130.81

23.6% FIB Retracement Level: $138

38.2% FIB Retracement Level: $105

62% FIB Retracement Level: $91

However with the recovering price pattern, it is expected the currency will steer clear of the second level of support.

The bulls are trying their best to break the pattern and the formation of a descending triangle pattern is indicating a bullish trend. The level of $120 is important for the coin to show an increase in near future trend. You should watch out for the above signals and patterns to understand the trades for tomorrow. With addition as a payment option on Paypal, the coin is one of the most preferred in the new year of 2021 and watching the new developments will help. The last of the LTC is expected to be mined by 2124 as the network is expected to have deflationary pattern. For people looking into long time story of LTC, this might be a great time to buy.




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