The crypto market remains mostly green; however, Litecoin shows potential signs of correction soon.
Current Market Situation
The price of Litecoin (LTC) has risen by almost 4% since yesterday. However, on the hourly chart, the situation appears more bearish than bullish. If nothing changes by the end of the day, one can expect a test of the support level at $103.64 by tomorrow.
Short-Term Price Movement Analysis
On the larger time frame, sellers are also more powerful than buyers. If the daily bar closes with a long wick, there is the possibility to see a decline to the vital $100 zone.
Midterm Prospects
From a midterm point of view, the rate of LTC is far from key levels. However, if the breakout of the important area of $100 happens, traders may witness a test of the support of $79.61 shortly.
At press time, Litecoin is trading at $105.60. Close monitoring of the $100 level is crucial for determining further price dynamics.
