Litecoin (LTC), one of the leading cryptocurrencies in the market, has experienced a notable correction in its price recently. Despite Bitcoin experiencing downward pressure, LTC avoided establishing a new low, indicating its relative strength in the market.
Analyzing the market dynamics, Matthew Dixon, CEO of Evai suggests that LTC may be poised for a rebound, highlighting its resilience compared to other digital assets.
Matthew Dixon recently highlighted Litecoin’s ability to hold up better than Bitcoin during market fluctuations, indicating its potential for stability and strength. Analysts believe that Litecoin’s correction phase ended earlier than Bitcoin’s, suggesting a possible upward trend soon.
Strategic Correction: Dixon notes that Litecoin finished correcting before Bitcoin did, which could mean that Litecoin is ready for a rise compared to Bitcoin’s movement.
Absence of New Lows: Notably, LTC did not establish a new low even as BTC faced significant downward pressure. This divergence highlights Litecoin’s resilience and potential for further gains in the near term.
Also Read : Litecoin Simple Price Analysis: LTC Price Preparing for a Fresh Upswing to Reclaim $100
The price of LTC recently broke below key support levels, signaling a shift to a bearish trend. After testing the $75 zone, it made a recovery attempt, surpassing the $80 resistance. However, selling pressure intensified near the $85 mark, leading to LTC trading below $82 and the 55 simple moving average (4 hours).
Currently, LTC faces immediate resistance around $82.70, followed by a significant barrier at $87.50, identified by a bearish trend line on the 4-hour chart. Breaking above $90 could propel LTC toward $98, with further resistance at $100.
On the downside, support is seen near $75.80, followed by a key level at $70. A breach below $70 might lead to a further decline towards $60 in the short term.
Read More : What Will Happen if the Bitcoin Price Drops Below $58k?
As of now, Litecoin is trading at $80.05, reflecting a 1.5% increase over the past 24 hours. The trading volume stands at $458 million, accompanied by a market capitalization of $5.95 billion.
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