The price of Litecoin has become a complex topic in the crypto world, especially after its halving event earlier this year. The price has been an utter disappointment for the short-term speculators who were anticipating staggering returns after the network upgrade.
However, the recent price action is pointing towards a bullish move on the low timeframe. If you are a Litecoin investor, I am gonna make your life easier by marking a couple of lines in the sand which you must watch closely in the near term.
If you carefully observe the price action in the above-mentioned LTC to USD chart, you can clearly see that the price has broken back into the long-term trading range after reclaiming range lows of $65. A recent breakout above this level has further solidified the bullish outlook for the proof-of-work cryptocurrency.
As a result, there is a strong likelihood of the Litecoin price gravitating towards the $85 level, which is the middle of the macro trading range. However, the invalidation of this price target will be a breakdown below $0.65. Therefore, if you are long on LTC, you must watch the price action around the levels mentioned in this article in the coming days.
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