Today, the price of bitcoin has remained below $40,000. LTC’s recent ascent has stalled after Bitcoin’s struggle to hold over $40,000. Altcoins, such as Litecoin, are vulnerable to profit-taking if BTC continues to plummet this morning.
The market appears to be displaying a very strong bullish trend as the Litecoin price appears to jump above the $139 level. Despite this, the LTC/USD pair has failed to surpass the $140 mark. Litecoin’s price is holding steady below its June high.
The Litecoin price has rejected the supply zone of $142-$150. Litecoin had a wild start to the day, climbing to an intraday high of $143 in the early hours of the morning before reverting.
Although, as the market is approached by more and more sellers, the price is gradually rising in a favourable way. Support from the larger market, on the other hand, would be required for Litecoin to return to $140 levels.
If there isn’t a long-term crypto rise, the first significant resistance level and Tuesday’s high of $143.26 will likely limit any further gains. Litecoin might attempt the second major resistance level at $147 if another sustained breakout occurs. If the pivot at $139 is not broken, the first major support level at $135 will be tested.
The technical indicators point to some profit-taking, and the coin is currently nearing the oversold zone, signalling that a recovery is on the way. Although the price prediction for Litecoin was pessimistic, the current bullish engulfing above $136 is likely to fuel the purchasing wave.
Furthermore, the relative Strength Index is showing signs of rolling over, indicating that the bullish momentum is gaining. As for now only time can tell the direction in which the coin will go further.