The Litecoin Price Finds Support and Attempts to Bounce
The price of Litecoin (LTC) recently found support at a key horizontal and diagonal level. Although there hasn’t been a significant increase yet, there are positive signs on lower time frames.
Litecoin Confirms Long-Standing Support Trend Line
On the weekly timeframe, LTC’s price experienced a decline from its peak in July 2023. However, it created a higher low, confirming a long-standing ascending support trend line that has been in place for nearly 600 days. This trend line coincides with a horizontal area that has acted as both support and resistance in the past.
Litecoin Mining Difficulty Reaches All-Time High
The Litecoin team announced that the mining difficulty for LTC has reached an all-time high. This is seen as a sign of network growth and increased maturity. Additionally, over 18 million ordinals have already been inscribed on the Litecoin network.
LTC Price Prediction: Potential Reversal
Looking at the 2-day chart, there is no clear confirmation of the trend’s direction. However, according to Elliott Wave theory, there is a possibility of a bullish scenario. The wave count suggests completing a five-wave upward movement and an A-B-C corrective structure. If this scenario plays out, Litecoin could experience another upward movement and potentially reach the next resistance level at $122.
Hot Take: Litecoin Holds Key Support Level as Bullish Momentum Builds
The recent bounce at the long-term support level indicates that Litecoin may be poised for a bullish reversal. With the mining difficulty reaching an all-time high and positive signs in lower time frames, there is potential for LTC to experience significant upside. However, it’s important to monitor the price closely and be aware of the possibility of a decline if key support levels are broken. Conduct your own research and consult with a professional before making any financial decisions.
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