Litecoin's price has seen a minor 0.33% recovery over the past hour to trade at $89.52. With a market cap of $6.55 billion, LTC remains one of the top cryptocurrencies in terms of market capitalization.
Looking at the numbers, Litecoin has fallen 3.08% in the past 24 hours. Over the past week, it's down 1.29% and up 0.47% in the past month. The 6-month change shows a slight gain of 0.18%, indicating LTC has been relatively stagnant compared to major downtrends in the overall crypto market.
The hourly recovery indicates there may be short-term support around the $89 level. However, LTC faces resistance around $95 where the 50-day moving average is converging.
What Key Levels Should LTC Traders Watch?
On the downside, the recent swing low around $88 appears to be acting as short-term support. Below that, the 2022 low near $76 comes into focus.
On the upside, LTC needs to clear the 50-day MA around $95. Above that, resistance is seen around the 2022 highs near $107.
Overall, Litecoin appears range-bound between $76 and $107 in the short-term. A breakout above $107 could signal a bullish breakout from the trading range.
Is Now a Good Time to Buy Litecoin?
With LTC stuck in a range and lacking a definitive trend, traders may want to wait for a breakout before taking a directional bias. Aggressive traders can try buying dips near $88 support or sell rallies near $95 resistance.
However, low volatility makes major swing trades less attractive. LTC may see a spike in volatility if Bitcoin makes a decisive move up or down. That could provide better trading opportunities for Litecoin in tandem.
In summary, Litecoin appears relatively range-bound in the short-term between $76 support and $107 resistance. The price action lacks a clear directional bias, making LTC unattractive for trend-following strategies. Traders may want to wait for increased volatility or a breakout from the range before placing bullish or bearish trades.