Litecoin price brings these two key levels to the ultimate test as volatility spikes in the crypto market

  • Litecoin recently embraced support at $110 following the colossal breakdown from highs above $190.
  • On-chain metrics show that Litecoin is stuck between two key levels that are constantly being tested.

Litecoin has retested the support provided at $110 following a massive breakdown from price levels around $186. The drop in price occurred in tandem with Bitcoin’s price fall from $40,000 to $30,000. While recovery is underway, delays are anticipated as Litecoin encounters crucial levels.

At the time of writing, LTC/USD is doddering at $135. On the downside, the 200 Simple Moving Average in the 4-hour timeframe has presented formidable support, keeping the bears in line, while avoiding a retest of the recent anchor at $110.

On the upside, the cryptocurrency is facing a challenging task at the 100 SMA. Trading above this first resistance would be a bullish signal that Litecoin can recover to higher levels around $160. The 50 SMA is might delay the recovery to towards $200 but if bulls are determined, Litecoin will swing to new yearly highs.

LTC/USD 4-hour chart

7: 19 AM

Litecoin price chart by Tradingview 

The technical support and resistance have been highlighted by the IOMAP model by IntoTheBlock. For instance, a high concentration of sellers is expected between $154 and $158. Here, nearly 36,300 addresses previously bought roughly 1.1 million LTC. If Litecoin slices through this area, the upswing to $200 might come into the picture.

Litecoin IOMAP model

7: 19 AM

Litecoin IOMAP chart

On the downside, Litecoin is sitting on areas of immense support, with the most robust running from $128 to $132. Here, roughly 40,000 addresses had previously bought approximately 1.7 million LTC. It is unlikely that this buyer congestion zone will be shattered in the near-term. However, if broken, Litecoin may fall to $110 or even revisit $100.

Litecoin intraday levels

Spot rate: $134

Relative change: -5.4

Percentage change: -4%

Trend: Bearish

Volatility: Expanding

The post Litecoin price brings these two key levels to the ultimate test as volatility spikes in the crypto market appeared first on Coingape.

Leave a comment