- Litecoin worth misplaced almost all of the beneficial properties incurred for the reason that starting of the yr.
- It registered a historic market worth drop of roughly 60% on Might 19.
- LTC recovered an important assist degree at $195, producing an optimistic outlook to proceed the uptrend.
Litecoin worth continues holding above an important assist degree regardless of the erratic habits seen not too long ago. A spike in shopping for stress will be anticipated after most overleveraged merchants have been flushed out of the market.
Litecoin worth restoration could lead on new all-time excessive
The thirteenth largest cryptocurrency by market capitalization stays contained inside an ascending parallel channel that developed since mid-October 2020. Since then, Litecoin worth had solely examined the channel’s decrease restrict as soon as in November 2020. Following the downswing, LTC worth rose by 265% towards the channel’s higher boundary.
Comparable worth habits may very well be anticipated if Litecoin manages to carry above the ascending parallel channel’s assist trendline and the 200-day transferring common at $190. A spike in shopping for stress across the present worth ranges may see LTC rebound to the channel’s center or higher trendline.
These essential areas of resistance sit at $300 and $500, respectively.
LTC/USDt 1-day chart
Dropping the channel’s decrease edge and the 200-day transferring common as assist would negate the bullish outlook. On this hypothetical state of affairs, Litecoin worth may retest the current low of $145.