LTC price has declined by around 25% in the past two days. This is a part of the downward price move that many altcoins are having. However, there might still have reason for optimism despite this recent drop.
Litecoin is trading at $104.84 right now. It fell sharply from above $125 according to the daily chart from @ali_charts. The price is now getting close to a key support level at $98. This level matters a lot for what happens next.
The $98 zone has been tested several times before. Buyers usually show up when Litecoin drops to this price. @ali_charts believes this support zone is crucial. If it holds, we might see buyers return in significant numbers.
Potential for a Significant Rally
If the $98 support remains intact, Litecoin could bounce back strongly. @ali_charts analysis suggests we might see LTC test resistance at $125 first. After that, it could push toward the upper resistance at $135.
This potential rise from current prices to $135 would give traders a 50% gain. LTC price has shown it can make these kinds of moves after finding strong support in the past.
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There are risks to watch for, though. If Litecoin drops below $98, it might fall further to the $93-$91 range. Breaking below $91 could trigger more selling according to @ali_charts.
Litecoin faces downward pressure now, but the $98 support identified by @ali_charts could be the foundation for a strong recovery. Keep an eye on this level to see if LTC continues falling or jumps back toward $135.
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