Litecoin LTC price sliced below the range low at a price of $118.18 on July 19 as the market underwent a sell-off. This move resulted in LTC's price-setting up a swing low at $103.82. The altcoin has rallied roughly 64% since then to tag the trading volume range’s mid-point at $171.62.
While this uptrend was impressive, the price bulls seem to have lost their momentum, leading to a retracement. The support level at the price of $149.20 is the most likely candidate for harboring the incoming selling pressure.
Interestingly, this barrier was recently flipped into a support level after acting as a resistance level barrier preventing multiple attempts to breach it. Therefore, investors can expect this demand floor to hold its ground.
Assuming the buyers make a comeback, the LTC price will likely take a jab at the mid-point at $171.62. Breaching this barrier will allow Litecoin LTC price to tag the $180.91 resistance level. This move would constitute a 21% upswing from $149.20.
Investors need to note that the bullish thesis assumes that the buyers make a comeback at a price of $149.20. Therefore, an inability of the buyers to follow through or an increased selling pressure that overwhelms the LTC bullish momentum could jeopardize the outlook explained above.
A breakdown of $135.97 to create a swing low will invalidate the price bullish scenario and potentially trigger a sell-off to the range low at $118.18.
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