- Litecoin trades near the crucial $111.33 support level, with bulls aiming to prevent a drop toward $100.
- Litecoin’s price movement remains range-bound, with potential for a bounce to $115-$120 if support holds.
Market Overview: Red Dominates the Top 10f
The cryptocurrency market continues its correction phase. All top 10 coins remain in the red, according to CoinMarketCap. Litecoin (LTC) follows the trend, facing key support and resistance zones.
Hourly Chart: Tight Trading Range
On the hourly chart, Litecoin trades between $106.08 and $117.32. The price currently sits at $111.85. With most of the daily average true range (ATR) covered, sharp moves before tomorrow seem unlikely. Traders should watch for a breakout from this narrow channel.
Daily Outlook: Will $111.33 Hold?
On the daily timeframe, $111.33 emerges as a crucial level. A false breakout could push LTC towards the $115-$120 range. This bounce would offer short-term relief for bulls. However, failure to hold this zone could trigger further declines.
Midterm Perspective: Testing Lower Grounds?
Neither bulls nor bears dominate the midterm outlook. Traders should monitor the vital $100 level. A decisive break below it may lead Litecoin to test the next support at $91.62. Holding above $100 is key to preventing deeper losses.
Litecoin’s price teeters near crucial support at $111.33. Bulls need to defend this level to avoid a drop toward $100 and beyond. While immediate volatility may cool, the coming days will test the market’s resilience. Traders should stay alert for breakout cues.
