Litecoin is testing a key support zone near the $85 following a week of price downtrend amid bearish pressure.
Litecoin bears are facing a battleground as the bearish momentum hits a key support zone where market sentiment could begin to shift. Following a 5% price drop over the past week, LTC bulls could be entering positions amid potential price reversal.
As of press time, LTC is trading at around $85.65 with a 30.39% increase in trading volume. This suggests heightened market activity as buyers and sellers engage in a tug of war. As a result, Litecoin’s price action in this zone will determine the next direction in the coming weeks.
Technical analysis reveals that a daily close below $85 could mean further downside for Litecoin. This could signal a continuation of bearish momentum, thus forcing many traders to exit their positions. A renowned crypto analyst, Crypto Tony, has taken to X (formerly Twitter), noting that:
“Daily close below $85, and I will close this position”
So, what’s next?
If the bulls step in with high buying volume, LTC could rally toward the $95-$100 key resistance zone in the mid-term, eyeing a break above the psychological $100 mark. Failure to hold above this zone, the coin could plunge further, retesting the $72-$75 support zone, before attempting a price rebound. One should watch for LTC’s open interest, funding rate, and buying volume around the current zone for further insights.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
