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LITECOIN PRICE ANALYSIS CMP-$90.30: LTC near $90; could we expect a retreat before recovering again?

Since the price has remained consistent, there is a strong probability that if it fails to break through the ascending parallel channel, it will indicate a significant bearish trend.


24 Jan 2023 By : Coin Gabbar
LITECOIN PRICE ANALY

The one-day Litecoin price analysis report reveals that bears are dominating as the bulls are encountering resistance from the channel line. This analysis provides insight into the current market conditions, indicating that the bears are in control and the bulls are struggling to break through the resistance.

Litecoin has seen a consistent surge above $78 per US dollar, with prices remaining above $80 for an extended period of time. Recently, Bitcoin, Ethereum, Ripple, and Litecoin have all experienced gains against the US dollar.

Price analysis indicates that the bulls have regained control of the Litecoin price, pushing it to a high of $93.20. However, the bulls were unable to sustain this level and the price dropped below $90. If the LTC/USD price fails to break through the resistance, then it is likely that we will see a short-term dip to the $85-$80 range.

LTC formed a solid foundation above $72, initiating a new uptrend. Prices surged past the $75 and $78 resistance levels, eventually breaching the $85 threshold. Bulls, however, encountered resistance near the $92 level, where the price reached a peak of $93.20. After hitting its peak, the price dropped below $92 and $90. At present, the price is trading above $89 and the 100-hour simple moving average.

The upside of Litecoin (LTC) is looking promising, with an immediate resistance level approaching $91.50. If the price breaks through this barrier, it could potentially skyrocket to $100.00 or even higher, potentially reaching the $107.00-$110.00 level in the coming days.

However, if LTC fails to break above the $91.50 resistance level, it could start a downward trend. The first significant support is located near the $88 level, with the next major support situated around $86.00. If the price drops below this level, it could continue to decline, with support around $84 and the major support at $80.00. If the price continues to decrease, it could reach the $75 support level in the upcoming sessions.

LTC has a market capitalization of $6,490,631,247, according to Price Analysis. The 24-hour trading volume of the coin is around $598,582,252.The market capitalization of LTC has decreased by 2.46%. However, trading volume decreased by 2.82% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $91.50-$94.00

SUPPORT LEVEL : $87.00-$85.00

Over the past four days, Litecoin has experienced a rollercoaster of highs and lows, reaching the peak before reversing from the top of the channel line. The daily chart is exhibiting a Double Top pattern, a reliable indicator of a potential reversal in the market. We'd love to hear your thoughts on this development - please share your insights in the box below to help us gain a better understanding of this dynamic market.

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