Litecoin (LTC) Bulls Are Back on Track After Posting Major Gains This Week

After a week of downturn, many altcoins have recovered from their weekly low as the market regains strength since Tuesday. Among large caps, LTC is posting major gains.

Last week’s trading was a continuation of the corrective phase following another drag down throughout the week. The crypto slid beneath the psychological $100 level and recorded a significant loss.

However, the bleeding stopped after testing $92 this Monday. After the test, LTC recovered slightly and pushed back above the psychological level the following day.

Volatility picked up yesterday and the price increased significantly with a bullish engulfing candle close. This candle pattern signaled a potential shift to the upside.

However, buying pressure appeared a bit low today due to insufficient volume. As we can see, trading volatility currently looks moderate on the daily chart.

The $122 level has suppressed bullish actions over the past hours. A daily close above it should position the market for a bigger gain in the future. In the opposite direction, the weekly low remains a key support to watch for a breakdown.

It will be too early to say the bulls are back. But if we consider the latest surge to a month’s high, we can say the bulls are back on track. Despite that, they must reclaim the previous monthly high to validate an upward shift.

LTC's Key Level To Watch (Source: Tradingview)

Taking a lot of buyers unaware with a sudden move up yesterday, LTC is now facing a slight resistance at $122. An increase above this price should allow bring a test at $131.5 and $147 before breaking to $160.

Meanwhile, we may see a pullback to $106.3 before resuming a buy. But if the price dips below $100, it may revisit $92.6. Below it lies $87.

Key Resistance Levels: $131.5, $147, $160

Key Support Levels: $106.3, $100, $92.6

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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