After trading in a bearish pattern for a brief period, the Litecoin price has displayed a significant jump in the chart, indicating a possibility of a bullish reversal in the market. Moreover, the LTC coin has added over 5% within the past day, making it one of the top gainers of the day.
The LTC price traded in a closed range between $71.76 and $74.44 for about a week, following which the bulls broke out of the resistance level. The rally was short-lived as the price faced restriction at $77.29, after which the price traded sideways for a while.
After multiple failed attempts to break out of the resistance level, the bulls lost momentum and experienced a pullback within the range, where it traded sideways for a while. As the market lost momentum, Litcoin recorded a correction of approximately 15% in valuation.
Following this, the Litecoin price traded sideways between $63.37 and $66.11 for about a week. As the market regained momentum, the LTC price jumped approximately 22% in valuation.
After facing rejection, the price has been constantly trading in a consolidated range between $68.01 and $71.76. Currently, the Litcoin price is testing a breakout at its resistance level of $71.76, of which the outcome is uncertain.
Will LTC Price Hit $75 Soon?
The Relative Strength Index (RSI) displays a bearish convergence, suggesting an increased selling-over-buying pressure in the market. Further, the averages show a rising pattern, highlighting a mixed sentiment in the crypto space.
If the market holds the price above the support level of $71.76, the LTC price will test its resistance level of $74.44 soon. Maintaining the price at that level will set the stage for Litecoin to attempt to test its upper resistance level of $77.29 in the coming time.
Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $68.01. Moreover, if the market continues to trade under a bearish influence, the Litecoin price will prepare to test its lower support level of $66.11 during the week ahead.