Litecoin Holding On
Litecoin slipped by 0.61% on Saturday, following Friday’s 3.2% fall, to end the day at $118.33, making it a 15.1% loss for the current week.
Following the broader market, Litecoin slipped to an early $118 low, holding above the day’s first major support level at $116.08, before a late morning rally saw Litecoin hit an intraday high $122.63, a late in the day reversal then pinning Litecoin back at sub-$120 levels.
A range bound afternoon led investors to lock in profits, with Litecoin failing to test the day’s first major resistance level at $123.24 to have a run at the 23.6% FIB Retracement Level of $130.98, supporting the extended bearish trend formed in early May.
At the time of writing, Litecoin was down 0.59% to $117.63, a start of the day slide to an intraday low $116.51 calling on support at the day’s first major support level at $116.34 to move through to a morning high $118.38, before easing back to $117 levels, the day’s first major resistance level at $121.47 untested early.
For the day ahead, while the late sell-off on Saturday weighed on Litecoin in the early hours, sentiment could shift through the morning, sub-$120 levels considered to be attractive for even the less bullish Litecoin investor.
A move through $119.5 to $120 levels would support a run at the day’s first major resistance level at $121.47 to bring $125 levels into play, while the 23.6% FIB Retracement Level of $130.98 will likely be a step too far, key resistance levels likely to pin back the chances of an extended end of weekend rally.
Failure to move through to test $121 resistance could see Litecoin see a heavier loss later in the day, with the day’s second major support level at $114.36 in play, the bearish trend expected to continue for now as the investors continue to face uncertainty over cryptomarket regulations.