LITECOIN PRICE ANALYSIS & PREDICTION (January 17) –LTC Registers 15% Gains Amid Fresh Market Surge, Are The Bulls Back?

As the market regains strength since Tuesday, many altcoins have recovered from their weekly low, including LTC , which is now posting major gains among large caps. The trend is shifting to the upside. Last week’s trading came as a continuation of the existing corrective phase following another drag down throughout the week. The crypto slided beneath the psychological $100 level and recorded a significant loss but the bleeding later stopped after testing $92 this Monday. After the test, LTC recovered slight and pushed back above the psychological level the following day. Volatility enhanced yesterday and the price increased significantly with a bullish engulfing candle close. This candle pattern signalled a potential shift to the upside. Though buying pressure appeared a bit low today due to insufficient volume. As we can see, trading volatility currently looks moderate on the daily chart. The $122 level has suppressed bullish actions over the past hours. A daily close above it should position the market for a bigger gain in the future. In the opposite direction, the weekly low remains a key support to watch for a breakdown. It will be too early to say the bulls are back. But if we consider the latest surge to a month’s high, we can say the bulls are back on track. Despite that, they must reclaim the previous monthly high to validate an upward shift. LTC’s Key Level To Watch Source: Tradingview Taking a lot of buyers unaware with a sudden move up yesterday, LTC is now facing a slight resistance at $122. An increase above this price should allow bring a test at $131.5 and $147 before breaking to $160. Meanwhile, we may see a pullback to $106.3 before resuming a buy. But if the price dips below $100, it may revisit $92.6. Below it lies $87. Key Resistance Levels: $131.5, $147, $160 Key Support Levels: $106.3, $100, $92.6 Spot Price: $120 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: promesaartstudio/ 123RF // Image Effects by Colorcinch