Litecoin (LTC) recently demonstrated a strong increase of nearly 10% but faced rejection at the key resistance level of $130, indicating potential fluctuations in the market.
Overview of Litecoin's Movement
Litecoin surged by 9.66%, but it faced rejection at the $130 resistance level. Despite this, the current price is bound within a range, with key support located at the point of control. If support holds, this could lead to another breakout; otherwise, extended consolidation may follow.
Technical Points and Market Structure
Litecoin reached a resistance level of $130, a historically significant price point. The current market trend maintains a bullish structure with increasing volume at support. The structure remains bullish due to higher highs and higher lows.
Expectations for Future Price Action
If Litecoin holds the point of control, expect a renewed push towards $130 and potentially higher. A failure to hold may lead to prolonged ranging. The current structure remains bullish for now.
Analysis indicates that Litecoin's market movements are still within a bullish trend, and future fluctuations may depend on support and resistance levels.
