Litecoin Price Prediction: BTC Dominance Holds Key
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Litecoin (LTC) is currently experiencing sideways movement, its price heavily influenced by Bitcoin's (BTC) price action. Analyst Cryptowzrd observes indecisive daily candles for both LTC and the LTC/BTC pair, indicating market hesitation. While LTC/BTC closed slightly up, suggesting potential bullish momentum, Cryptowzrd cautions that stronger daily candles are needed to confirm a sustainable upward trend. A key resistance level for LTC/BTC is 0.0010 BTC; breaking above this could trigger a rally, pushing Litecoin towards $140. However, significant support lies at $96 for LTC; a sharp Bitcoin drop towards $110,000 could cause Litecoin to retrace and test lower support levels. The analyst is focusing on shorter timeframes for potential scalping opportunities but emphasizes that Bitcoin's price action remains the primary driver. Increased intraday volatility makes short-term trading challenging. A crucial intraday resistance level is $114.50; breaking above this would be a bullish signal. A breakout above the intraday lower high trendline could also accelerate upward momentum. Despite these technical signals, Cryptowzrd stresses the importance of a well-defined setup before entering trades, emphasizing patience and waiting for favorable conditions aligned with Bitcoin's broader trend. The current market sentiment is one of uncertainty, with Litecoin's price inextricably linked to Bitcoin's performance.
(Source: https://www.newsbtc.com/news/litecoin/litecoin-drifts-sideways-intraday-action-tied-to-btc-pulse/)
