Litecoin (LTC) Price Analysis: Climbing Back Amid the Latest Recovery as It Sets to Break Out to a New High Soon

Losing steam last weekend, Litecoin rolled back under the crucial $100 level and provided a small discount. However, it is climbing back

Litecoin (LTC) price dropped below the crucial $100 level last weekend, offering a small discount to those looking to enter the market. However, the coin is now recovering and preparing for a breakout to a new high.

Like many other altcoins, LTC recorded a notable gain in the past weeks following a key break above the $77 resistance, which kickstarted a bull run in the short term. However, it faced resistance and pulled back after tapping $106 last weekend.

Dropping below the $90 level yesterday, it found support and bounced back after sharply rejecting $88. Following a fresh increase in the daily timeframe, the price is now looking strong on the day.

As LTC advances bullish, we can expect a huge price movement in the coming days. April’s resistance level is considered the next target for the bulls. A clear break through this resistance should activate a major upward shift. If not, the price may roll back.

But looking at the new bullish formation, which is like a new higher high and higher low pattern, the buyers are much more likely to have the upper hand.

However, the overall market structure still appears bullish on the daily chart. Even though the price drops again, we can expect the bull to regain control of the market. Currently, the price is up 35% in a month.

Litecoin’s Key Level To Watch

On the way up, the immediate obstacle for the bulls lies at $98.5 and the $106 resistance, tapped last week. Above it lies the important $113 resistance, where a major rally is expected to occur.

Yesterday’s $88 low is currently acting as support for the market. If the price dips below it, $81.54 and $77 would be the next support levels to watch.

Key Resistance Levels: $98.5, $106, $113

Key Support Levels: $88, $81.54, $77

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