The price of Litecoin is retracing and may retest a key support level at $124.62.
If the buyers return, investors might expect a full-fledged rise to $164.72, the range’s midpoint.
The bullish thesis will be called into question if LTC breaks through $118.60 but fails to recapture it.
The price of Litecoin is consolidating and does not have a distinct directional bias. In the immediate term, though, LTC is expected to continue correcting until it finds a stable support barrier.
At this moment, investors should expect some buying pressure to drive LTC.
After hitting a local high of $149.02 on June 29, the price of Litecoin has been stabilizing. The current downturn will almost certainly result in a lower peak at $130.59. The retreat will most likely correct to $124.68, then $118.60 in some circumstances.
The purchasers may make a comeback at $124.68 or $118.60, notwithstanding the uncertainty.
If the uptrend begins at $124.68, the most likely upside target is the range’s midpoint at $164.72, which represents a 30 percent gain.
Bitcoin’s market structure, which indicates that a rally to the range high of $42,451 is imminent, is the source of this optimism. As a result, if BTC sparks a rally, altcoins, including LTC, will follow suit and retest key levels.
The advance of the Litecoin price, however, may be prematurely halted around resistance levels of $149.23, $156.08, or $160.85. As a result, investors must keep a close eye on these supply constraints.
4-hour chart of LTC/USDT
If, on the other side, Litecoin fails to hold above the $118.60 support level, then indicates that there was inadequate purchasing pressure. While a sweep of this demand barrier is likely, the bullish thesis will be invalidated if a decisive 4-hour candlestick is not produced above it.
If this happens, LTC might fall by 12%, retesting the swing low of $104.80./n
