In a recent crypto analysis, CryptoWzrd underscored that Litecoin (LTC) concluded its daily trading with a minor bearish predilection. The expert reiterated that LTC’s price trajectory continues to be intimately connected to Bitcoin’s movements and the overall crypto market sentiment, spotlighting the $96 mark as the next resistance to watch.
As per CryptoWzrd, Litecoin concluded its daily trading with a bearish candle, mirroring Bitcoin’s price behavior. This correlation implies that LTC’s price is profoundly impacted by the wider market sentiment and Bitcoin’s directional shifts. The LTCBTC pair, however, ended the day inconclusively, providing no definite indication of strength or weakness against Bitcoin.
CryptoWzrd emphasized that for Litecoin to experience a consistent uptrend, healthier and more positive candles are required on the LTCBTC chart. Without this, expectations for a breakout remain uncertain. He added that a decrease in Bitcoin dominance would be a pivotal element in propelling altcoin growth, including Litecoin.
From a technical perspective, Litecoin is currently striving to break the $96 daily resistance. If successful, this could pave the way for a more robust rally, possibly stretching toward the $128 resistance area. However, this scenario hinges on supportive market conditions and renewed vigor in the altcoin market.
If things take a turn for the worse, the $80 mark emerges as the key daily support level. A dip below this threshold could spark a more profound correction and postpone any bullish prospects. Staying above this support level is crucial to maintaining the broader market structure and keeping upward goals within reach.
Looking forward, CryptoWzrd plans to keep an eye on lower time frames to identify potential short-term trading opportunities. His strategy involves dissecting intraday chart patterns to leverage brief price fluctuations as the broader market scenario develops.
In conclusion, CryptoWzrd pointed out that the day’s intraday chart for Litecoin was characterized by volatility and a bearish leaning, making it difficult to find clear-cut trading setups. He stressed the need for patience, advising traders to wait for a better trading location before entering any trades.
As per the expert, a climb above the $90 intraday resistance would be a positive sign and could present a potential long opportunity. However, if the price fails to surpass this level, it could apply additional downward pressure. For now, CryptoWzrd stressed the importance of patience, waiting for the market to present a healthier setup before making a move.
