Litecoin Bucks Bearish Trend—$87.50 Support Holds Firm Against Market Carnage
While other cryptos flail, Litecoin’s price floor proves shockingly resilient. Here’s why traders aren’t panicking—yet.
The silver to Bitcoin’s gold shines (relatively) bright
Amidst another bloodbath for altcoins, LTC’s stubborn refusal to collapse below $87.50 has speculators whispering about accumulation. The level’s held through three separate liquidation waves—a minor miracle given this week’s exchange-traded fund outflows.
Institutional indifference meets retail defiance
No whale wallets are loading up (on-chain data shows flat accumulation), but futures open interest suggests degenerate gamblers are betting on a dead-cat bounce. Typical crypto—where ’support’ just means ’cheaper entry for bagholders.’
Will this finally be the rally that justifies Litecoin’s existence as a ’payment coin’ in a world that only cares about memecoins and ETF tickers? Don’t hold your breath.
Technical Analysis Highlights
- At 07:00 , Litecoin surged to a 24-hour high of $89.76—a 3% jump from its session low—before facing strong resistance near the $89 mark. Volume spiked during that move, peaking at 273,699 in a signal that investors were watching this level closely.
- The price later dipped below support at $87.60, dropping to $87.53 on a sharp 1% hourly decline, but quickly rebounded. This recovery, which saw a potential double bottom formation, was accompanied by a burst in volume, hinting at buying interest.
- Even amid the price volatility, Litecoin has preserved its upward channel—a sign the bullish trend remains intact.
- For traders, this means the market is still betting on higher prices, despite headwinds from inflation fears and shifting economic policy.
