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Litecoin (LTC) is trading above $100, a level not seen in over a year. The rally comes as it approaches the halving, which has lifted its price in the past.
Litecoin has appreciated 50% in the past two weeks, from $73 to $110. Currently, its market has stalled its rise in this price zone, surpassing the $100 resistance level in February and April. This year.
In technical price analysis, resistance refers to a price level where the price of an asset is expected to struggle to rise. This is an area where supply exceeds demand, meaning there are sellers willing to sell at that price and hold down the price of the asset.
According to market analyst Rekt Capital, a weekly close above $100 resistance for LTC and/or a retest of the area as new support is "key." "Doing so would confirm a continuation of the pre-halving rally," he said.
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It should be noted that a support level is understood as the opposite of a resistance level, a price level at which an asset is expected to find sufficient support or demand to prevent it from falling or falling. It is an area that is in short supply, meaning that there are buyers willing to buy at that price and keep the price of the asset high.
When the price falls through a support level, it tends to become a resistance level due to investor psychology. Conversely, once price breaks through a resistance level, the market generally converts that area into a support level.
As the chart shows, $100, which demonstrated resistance this year, is an area of support in 2021 and 2022. That's why the focus now is on whether LTC can hold above $100, turning that point back into support.
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