Litecoin's price has broken through resistance levels, sparking discussions on possible future directions.
Litecoin Support and Resistance
The Litecoin chart shows clear zones of support and resistance. The support zone around $69–$70 has been a significant point during previous stabilization periods. Resistance at $122 and $140 served as key points for the bullish breakout.
Liquidity and Trading Strategies
Analysts like Jip Molenaar remain cautious until the lows near support are tested. This approach is driven by the potential for 'liquidity sweeps' before any recovery.
Litecoin Price Movement Outlook
Litecoin's recent breakout led to gains, but the potential for a pullback remains due to untested liquidity. Key signals for traders, according to Molenaar, are the levels around $69–$70.
As Litecoin's price remains in a crucial zone, traders should closely watch key support and resistance levels to formulate strategies.
