- Litecoin price slipped into the $107.23 demand zone to $116.07, suggesting a reversal.
- A resurgence in buyers is expected to propel LTC up 17% to $132.60.
- The bullish thesis will be invalidated if the altcoin produces a six-hour candle near $107.23.
Litecoin price hit a higher low as it plunged into a demand zone, indicating that the bullish outlook is intact. Going forward, investors can expect LTC to rise as crypto markets turn bullish.
Litecoin Price Expects Volatility
Litecoin price has fallen 18% in the past four days, breaking through the daily demand zone, ranging from $107.23 to $116.07. This move is bullish due to the nature of the support and because LTC established a higher low from the Feb 3 low.
Interested market participants can take long positions from the current market level and expect Litecoin price to attempt to establish an equal or higher high.
Therefore, traders can expect LTC to continue to rise. The immediate resistance barrier at $132.53 is a conservative target. However, if the buy orders pile up, the price of Litecoin could expand to $143.04, taking the total gain from 17% to 26%.
LTC/USDT 4 hour chart
As things look up for Litecoin price, a breakout of the lower boundary of the daily demand zone at $107.23 will create a lower low and invalidate the bullish thesis. It is also a good place for market participants to place their stop losses here.
An increase in sell-side pressure could cause Litecoin price to retest the $100.85 support level.