Litecoin (LTC) is demonstrating resilience as it maintains a crucial support level of $87.50 despite ongoing selling pressure linked to global economic uncertainties. According to CoinDesk Research’s technical analysis, this price floor is increasingly seen by traders as a vital level for LTC’s near-term outlook.
The broader market continues to react to escalating trade tensions and uncertainty around monetary policy decisions from major central banks, adding volatility to cryptocurrency prices.
Technical Analysis Overview
At 07:00, LTC climbed to a 24-hour high of $89.76, representing a 3% increase from its session low. This upward move encountered strong resistance near the $89 mark, with trading volume spiking to 273,699, indicating intense investor attention at this level.
Shortly after, the price briefly slipped below support at $87.60, dropping to $87.53 during a sharp 1% decline within an hour. However, LTC quickly bounced back, forming a potential double bottom pattern. This recovery was supported by increased volume, signaling renewed buying interest.
Despite the recent volatility, Litecoin has managed to stay within its upward channel, suggesting that the overall bullish trend remains intact.
For traders, this persistence means confidence is holding strong, with many still betting on higher prices even as inflation concerns and changing economic policies present ongoing challenges.
