In the last nine days, Litecoin (LTC) has been lit, gaining over 37% in its value. The silver cryptocurrency went from $41.50 on the 21st of July to trading over $56.86 at the time of writing. With the change in price, a seven-day low of $44.26 and a high of $57.02.
But all is not well
Despite the improvement in Litecoin price, it cannot record a positive change in the yearly assessment. On the YTD chart, LTC is down by 38.5% of its previous value.
Unlike Bitcoin that has a price change of more than half its all-time price, Litecoin is unable to get to half its value. Additionally, it has dropped in terms of market cap ranking compared to past years.
Key Resistance levels: $58.06, $57.03
Key Support levels: $54, $52, $50
The current market sentiment is bullish; this should be enough to fuel Litecoin’s struggle to break more resistance and get more improvement in price. Traders can expect more price action as Litecoin may break crucial resistance levels like the $57, and the $58 resistance levels provided market sentiments remain the same.
It is also interesting to note that, if market sentiment changes and bears take control of the market, then traders are in for a treat with possibilities that there may be a downward breakout soon. If the downward breakout happens, this may push the coin back to its long term supports the $45, $40, and $35 support levels.
Traders’ expectations are high and have not been met lately. Resistance is just what makes the Litecoin struggle more stringent, the $57.03 resistance uniquely. This resistance has been tested only four times this month and broken thrice. Still, this resistance level remains crucial because, at the time of writing, prices are still below the level.
The $58.06 resistance level is up next if the $57.03 resistance level is broken. This resistance level has no been tested in months, making it crucial—the $50 support level since it was broken as a resistance. Additionally, the $52 and the $50 support levels have been tested once or twice during the current bullish trend.