- Litecoin worth rose roughly 15% over the previous two days, slicing via the $160.86 resistance stage.
- A profitable retest of this barrier coupled with the resurgence of the patrons might verify a flip of this barrier right into a help ground.
- Such a growth is more likely to set off a 17% ascent, pushing LTC to $189.
Litecoin worth skilled the second flash crash, which bottomed on September 21. Whereas the descent was steep, the recovery appears to be coming alongside effectively. The latest upswing has pushed previous a key resistance stage, however LTC wants to carry above it to verify patrons’ presence.
Litecoin worth must cement its place
Litecoin worth climbed 15% after forming a possible backside at $145.40. This ascent pushed LTC previous the resistance level at $160.86. Whereas this upswing is spectacular, the patrons want to carry above this barrier to verify a profitable flip.
Doing so will point out that the bullish momentum is robust and set off a second leg-up, pushing Litecoin worth as much as the fast provide barrier at $178.39.
LTC witnessed consolidation round this stage after the primary flash crash occurred on September 7. Due to this fact, it will likely be tough for the patrons to push LTC previous this stage.
Nevertheless, buyers can anticipate Litecoin worth to a minimum of wick to the subsequent barrier at $189, constituting a 17% ascent.
LTC/USDT 1-day chart
Whereas a retest of $160.86 is essential for the bullish outlook to persist, generally the sellers may briefly knock LTC down beneath it.
Though this may be bearish, a fast restoration will undo the pessimism and put LTC again on observe.
Then again, if Litecoin worth fails to get well and tumbles all the way down to the $145.40 help ground, it would point out the presence of weak shopping for stress. A breakdown beneath this demand barrier will invalidate the bullish thesis.