Litecoin price set a higher low as it dipped inside a demand zone, indicating that the bullish outlook is intact. Going forward, investors can expect LTC to climb higher as the crypto markets flip bullish.
Litecoin price dropped 18% over the past four days, piercing 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 set up a higher low relative to the February 3 swing low.
Interested market participants can enter long positions from the current market level and expect Litecoin price to try to set an equal high or a higher high.
Hence, traders can expect LTC to continue heading higher. The immediate resistance barrier at $132.53 is a conservative target. However, if bid orders pile up, Litecoin price could extend to $143.04, bringing the total gain from 17% to 26%.
While things are looking up for Litecoin price, a break of the daily demand zone’s lower limit at $107.23 will create a lower low and invalidate the bullish thesis. This is also a good place for market participants to place their stop losses here.
An increase in sell-side pressure could drag Litecoin price to retest the $100.85 support level.
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