- Litecoin price dropped sharply after making a new 52-week high of $335; however, bounce back is observed from lower levels
- The prominent supply on the higher side is situated at $320 to $375, while the volume activity is good over the yearly chart
- The pair of LTC/BTC is trading in a downtrend with no significant sign of recovery over the yearly chart CMP at 0.004685 BTC with a minor intraday gain of +0.50%
Litecoin price over the yearly chart is trading on a bullish note with a good volume action. Meanwhile, the rally has now reached the major supply zone of $320 to $375.Over the past week, a massive sell-off is observed from a 52-week high of $335, healthy for the digital asset. Meanwhile, we can expect a giant upside in the upcoming weeks when LTC will suppress the supply zone. The targets on the higher side can be expected till $400 and $460, after the positive breakout of the supply zone. Similarly, resistance on the higher side is situated at $335 and $375, whereas support on the lower side is $200 and $160.
Litecoin price witnesses a massive sell-off or profit-taking from the past few days. Meanwhile, the overall trend is still bullish, and every dip is to be utilized as a buying opportunity; volume over the monthly chart is also good. However, now LTC bounced back from the significant trend line, acting as a rising support line. After a sharp sell-off, new support is observed of $195 and $220; likewise, the strong support can be considered $170. Similarly, on the higher side, resistance is situated at $255 and $335. Meanwhile, the coin is placed above SMA of 20 and 50, while 100 and 200 are acing as strong base.
Resistance levels: $335 and $375
Support levels: $200 and $160.