The post Litecoin Price Set for a Comeback: Key Factors Driving Its Rebound appeared on BitcoinEthereumNews.com.
Litecoin price was a victim of the latest crash just as was the case for most other cryptocurrencies. However, it did demonstrate support just below the $98 price zone, raising hopes of a comeback. Three days have now passed since the crash and its subsequent recovery attempts during which Litecoin demonstrated some accumulation. However, demand has so far been relatively weak and that was evident a few hours before press time when price failed to break out from a wedge pattern. LTC in its 1-hour chart has been trading in a wedge pattern with an ascending support indicating a buildup of bullish momentum. A breakout from this pattern would have confirmed a strong bullish build-up. – Advertisement – LTC price action/ source: TradingView LTC price action broke below the support earlier in the day, confirming that demand was not strong enough to fully enter recovery. The opposite outcome would have likely resulted in a rally towards the $130 price level which is the net major resistance zone. Litecoin slid all the way down to $100.45 at press time and threatened to slide below $100. The prospect of more downside was notably high considering that it was not oversold yet on both the 1-hour and 1-day charts at the time of writing. Can Litecoin Price 3-Month Support Hold? Litecoin could easily be headed for another retest of its 3-month support near the $97 price zone. It has so far demonstrated strong support within this level. A dip below this key support could signal further demand erosion and pave the way for more potential downside. Speaking of downside, LTC spot flows pushed back into the red by $6.59 million in the last 24 hours. LTC spot flows/ source; Coinglass The situation as similar in the derivatives segment where open interest was down…