Litecoin price looks ready to reverse its temporary downtrend as it bounces off a vital demand barrier. A potential spike in buying pressure could kick-start a rally, but LTC needs to surpass one crucial level.Litecoin adoption has increased a lot in 2021 and the most recent addition is LHV Pank, an Estonian banking and financial services company. The institution announced on November 21 that it would allow its customers to invest in Litecoin and other cryptocurrencies. This development makes LHV the first Estonian bank to enable its customers to buy and hold crypto assets. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Litecoin price has dropped roughly 30% from its swing high at $295.86 on November 10. LTC is currently trading at $210 and hints that an upswing is around the corner. Investors should note that a dip below the 61.8% Fibonacci retracement level at $198 is likely before an upswing originates.

Regardless of the dip, market participants can expect LTC to make a run for the 50% retracement level at $217. A daily candlestick close above this barrier will confirm the start of an upswing. In this case, market participants can expect Litecoin price to embark on a liquidity run above $234. Beyond this, LTC bulls might extend this climb to $246, constituting a 20% ascent from the $205 level. While the upswing narrative seems straightforward, things could delay if LTC dips below $198 and fails to recover. This move will indicate that Litecoin price is likely to eye for a retest of the 70.5% Fibonacci retracement level at $185, where it will give the bull rally another go.

However, a daily close below $172 will invalidate the bullish thesis and trigger a potential correction to the range low at $139.

LITECOIN Adopted to Selling

Nov 24 2021