Litecoin is testing a key support zone near the $85 following a week of price downtrend amid bearish pressure.
Litecoin bears are facing a battleground as the bearish momentum hits a key support zone where market sentiment could begin to shift. Following a 5% price drop over the past week, LTC bulls could be entering positions amid potential price reversal.
As of press time, LTC is trading at around $85.65 with a 30.39% increase in trading volume. This suggests heightened market activity as buyers and sellers engage in a tug of war. As a result, Litecoin’s price action in this zone will determine the next direction in the coming weeks.
Source: X
Technical analysis reveals that a daily close below $85 could mean further downside for Litecoin. This could signal a continuation of bearish momentum, thus forcing many traders to exit their positions. A renowned crypto analyst, Crypto Tony, has taken to X (formerly Twitter), noting that:
“Daily close below $85, and I will close this position”
So, what’s next?
If the bulls step in with high buying volume, LTC could rally toward the $95-$100 key resistance zone in the mid-term, eyeing to break above the psychological $100 mark. Failure to hold above this zone, the coin could plunge further, retesting the $72-$75 support zone, before attempting a price rebound. One should watch for LTC’s open interest, funding rate, and buying volume around the current zone for further insights.
<p>The post Litecoin Tests a Key Support Zone-Will LTC Make or Break? first appeared on Coin Crypto Newz.</p>
