For Litecoin, this would be the first step toward recovery

[GroundCrypto]

Bitcoin’s bullish momentum saw Litecoin climb in recent hours as well. On the charts, LTC has posted a 15% rise above the $143 lows to trade at $163.9 at press time, which was impressive. Litecoin bulls still have a long way to go before calls for $200+ can materialize.

If bulls manage to establish $163 as an area of demand in the days/weeks to come, the gains of October might once again be achievable.


The price action in December saw multiple tests of the $140 area in search of buyers. This level held as support and has also served as support in September and major resistance in June, marking it as a significant level.

Similarly, the $163 area (lower red box) has been tested multiple times as both, an area of demand as well as one of supply, since August. At the time of writing, this was the area that the LTC bulls and bears were fighting to control.


However, trading volume has been slightly lower than the previous months’ tests of this area. Above the $163 area lay the 23.6% retracement level at $176. This level was plotted based on LTC’s dive from $413 in May to $103 in July.

LTC has to climb above $163 and $176, and buying volume has to be witnessed before LTC can be said to have bullish strength on higher time frames.

Details: https://ambcrypto.com/for-litecoin-this-would-be-the-first-step-toward-recovery/