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The upside is modest, with LTC still in deficit on the weekly chart above 5%, but the positive trend over the past 24 hours highlights the possibility that the bulls will successfully retest the key resistance zone above $96 doing.
To strengthen the short-term bullish outlook, the bulls should retest and break resistance at the rising channel’s median line (daily chart). This means moving into a price range between $97 and $100. The upper trendline of the channel shows resistance around $110.
As predicted last week, LTC’s price could surge 40% above $130 once it breaks out of the $100-110 confluency zone.
Fueling this positive near-term outlook is the broader crypto market as Bitcoin attempts to hold onto key support above $23k and a retest of $25k is possible. may be the resilience of
More than that, notably Nasdaq-listed wealth manager Metalpha Technology Holding Limited (NASDAQ: MATH.
This partnership is of vital importance to Litecoin miners as well as potentially facilitating the adoption of LTC as a global payment network. This is because Litecoin works with crypto-focused companies to promote sustainable mining and provide miners with hedging solutions. The plan is to reduce carbon emissions while promoting renewable energy.
Metalpha will also help introduce financial derivative products to the Litecoin network, Litecoin Foundation said. press release.
Litecoin chart showing key price points. sauce: TradingView
However, our bullish view could be reversed if the LTC/USD falls and breaks the support at $90.
As seen in the daily chart above, the 50-day Exponential Moving Average (EMA) currently offers an immediate buffer zone.
If the price breaks out of this level on the downside, LTC can drop to $80.38, below which the 200-day EMA is at $78.52. The December 2022 low around $63 is another key level that the bears will be watching.
