- Launched in 2011, Litecoin ($LTC) is known for faster transaction times and lower fees compared to Bitcoin.
- Currently trading around $77.19.
- Experiencing a downtrend, nearing the significant $70 support amid ongoing bearish trends.
- Expected reversal, with Litecoin poised to take charge in the next bull rally alongside $BTC.
- Previous rally saw a 120% profit.
- Today’s inflow is 10,141 (positive), while the large inflow is negative at -13,000, indicating a potential buying opportunity.
- Candlestick chart of 4 hours of activity this morning shows key support and resistance levels:
- Decline from a recent high of $85.84 to a low of $75.00.
- $85.84 serves as a prominent resistance level.
- Downtrend accompanied by increasing volume, indicating strong selling pressure.
- Support level at $75.00 suggests buyer presence.
- Currently trading below key moving averages:
- 7-day MA: $77.73
- 25-day MA: $79.29
- 99-day MA: $82.57 (longer-term resistance)
- Traders should watch for:
- A break above the 7-day and 25-day moving averages for a potential reversal signal.
- A fall below the $75.00 support could indicate further downside.
- Given the current setup, this could be a good time to buy and hold, anticipating a market rebound.
