Here is why Litecoin (LTC) could drop to $95 despite a bullish run in today’s trading session
Litecoin (LTC) has started today’s trading session on the green. After seeing a slump over the past few weeks, the coin appears to be rallying. But despite this, Litecoin (LTC) still remains highly volatile, and it could slide back to $95 in the near term. Here are some highlights though:
- At the time of writing, Litecoin (LTC) was trading at $107.77, up by about 5% in 24-hour intraday trading.
- The coin appears on course to retest its overhead resistance of $112 in the coming days.
- However, other indicators suggest that Litecoin (LTC) could fall back to $95 before it rallies again.
Data Source: Tradingview.com
Litecoin (LTC) – Price predictions
For the most part of 2022, Litecoin (LTC) has been in the bear market. But despite this, the token did manage to hit highs of $152 this year in an unusually strange bullish surge.
As it turned out, this was a short-lived run because we have seen a consistent decline. Litecoin (LTC) is now trading at $107, up about 5% in 24 hours. We see the token retesting the $112 resistance, but it is highly unlikely it will break that.
As a result, more downward pressure is coming, something that will push it back to its $95 support. Besides, sentiment in the crypto market remains very sluggish even though it has slightly improved over the last few days.
Should you buy Litecoin (LTC)
The big answer is Yes. Litecoin is one of the most notable tokens out there with incredible fundamentals. It has also shown great consistency in terms of growth.
So, for folks who want decent coins for long-term value, Litecoin (LTC) will always be top of the list. But recent bear pressure has wiped out a lot of value here. With the price action expected to swing further down, it would be best to wait a few days before getting in.