Litecoin Fails To Break Key Resistance Level Again – Can Bulls Hold Range Lows?
Litecoin has faced a huge decline as the entire cryptocurrency market experiences huge sales pressure. The increase in volatility has led to expensive price volatility, with LTC dropping from $130 to $100 in a few hours. This sharp decline has attracted investors’ attention as Litecoin strives to maintain key support levels.
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Market uncertainty puts Litecoin trading at a critical level, and the Bulls are trying to defend $100 under ongoing sales pressure. Failure to exceed the higher price range indicates a weakening of the bullish structure, increasing the risk of further decline.
Top analyst BigCheds shared a technical analysis highlighting this is the third time that Litecoin has withdrawn its $100 level. Historically, retesting of repetitive key support areas increases the likelihood of failure and increases bearish sentiment around LTC. If the $100 level fails to hold, Litecoin may face deeper corrections, consistent with the broader market economy downturn.
Traders are paying close attention now Litecoin’s next move Determine if it can be stable or another wave of sales will be reduced. With volatility-dominated markets, LTC is still at a critical moment and can decide on its price action over the next few weeks.
Litecoin continues to maintain scope
After months of volatility and uncertainty in the market, Litecoin is currently trading between key liquidity levels. Despite its price turbulence, LTC has shown relative strength in recent weeks, managing to hold key support levels. However, it continues to resist significant resistance, preventing the formation of obvious trends.
The main problem facing Litecoin is that it cannot exceed supply levels and keeps price action within a strict range. Despite the Bulls’ attempt to boost LTC, sellers at major resistance levels have repeatedly stalled their momentum. Without a decisive breakthrough, Litecoin is still stuck in a merger phase, leaving traders unsure of their next move.
Bigcheds’ technical analysis Emphasizing that after the $130 supply level rejection, another Advanced Framework (HTF) rewinds it to between $100. This is the third time Litecoin has tested the $100 support zone, which is crucial to preventing deeper declines. If the LTC cannot hold the area, a more extended correction may be triggered.
Decompositions above $130 or below $100 may determine the next major action for Litecoin. Until then, traders remain cautious as price action continues to show uncertainty and indecision. The coming days will be crucial to decide whether LTC can recover higher levels or face another wave of sales pressure.
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Price action details: Maintain key levels
Litecoin is currently trading at $102 after a sharp drop from $130, putting the Bulls in a key position to defend a key level. The recent decline pushes LTC to the lower boundary of its trading range, testing key support that has been gained multiple times in recent months.
So far, price action respects both the supply and demand zone, with resistance of about $130-140 and supply of nearly $100. This channel structure has defined the movement of Litecoin so that it remains within range. Bulls must now maintain current levels to maintain this channel paper to prevent further drawbacks.
EIF Litecoin confirmed a breakout of over $130, which could mark the beginning of a new bullish trend that pushed LTC to higher levels. However, breaks below $100 will indicate a loss of demand, which may trigger deeper corrections and increased sales pressure.
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Currently, traders are paying close attention to whether LTC will hold or undermine its current support zone. The next major moves may come from decisive breakthroughs in either direction, laying the foundation for the trend of Litecoin in the coming weeks.
Featured images from DALL-E, charts from TradingView
