The fate of Litecoin is tied to Bitcoin – Can it break the resistance of 96 USD?

The famous analyst CryptoWzrd recently shared sharp insights on the recent movements of Litecoin (LTC). According to him, LTC ended the trading session in a slight fall, clearly reflecting the strong correlation with Bitcoin as well as the overall market sentiment. Notably, the price level of 96 USD is currently an important resistance level that Litecoin needs to surpass if it wants to unlock sustainable growth opportunities.

The correlation with Bitcoin and the bullish signal needs to be confirmed

CryptoWzrd points out that Litecoin closed the trading day with a bearish candle, reflecting the volatility of Bitcoin in the current market context. The correlation between LTC and BTC remains very tight, indicating that the price movements of Litecoin are largely driven by investor sentiment and Bitcoin's actions. Although the LTC/BTC trading pair ended the session in a state of indecision, with no clear signals of strength or weakness compared to Bitcoin, this further increases the uncertainty in the altcoin market.

For Litecoin to record a sustainable price increase, CryptoWzrd emphasizes the importance of waiting for stronger signals on the LTC/BTC chart. The analyst believes that without clear improvements from this trading pair, confidence in a major breakout will remain limited.

Moreover, he also noted that the decline in Bitcoin's dominance would be a key factor that helps altcoins, including Litecoin, gain momentum and attract attention from investors. A drop in Bitcoin's dominance will create opportunities for other coins, including LTC, to rise and generate positive price movements.

Technically, Litecoin is currently facing a key resistance level at 96 USD. CryptoWzrd believes that a successful breakout of this level could open up opportunities for a strong bullish rally, with the next target being the resistance zone at 128 USD. However, this scenario can only become a reality if the market supports and there is further consolidation from altcoin charts.

On the contrary, the important support level for LTC currently is 80 USD. This is a support zone that needs to be closely monitored, as a break below this level could lead to a deeper correction, slowing down the price increase and delaying any expectations for a short-term recovery.

Looking to the future, CryptoWzrd stated that he is focusing on analyzing lower time frames to take advantage of short-term trading opportunities (scalping). This will help traders exploit small price movements while still monitoring the overall market context. Accordingly, LTC traders need to patiently monitor short-term setups to enter and exit trades reasonably amidst the market's strong volatility.

In summary, CryptoWzrd emphasizes that the current trading situation of Litecoin is experiencing significant volatility, with a somewhat bearish market sentiment. Therefore, he advises investors to be cautious and patiently wait for a clearer signal before entering into trading positions. The current market conditions are not strong enough to make a sustainable trading decision.

LTC price chart 1 day | Source: TradingViewAccording to him, a strong breakout at the resistance level of 90 USD will be a positive signal, opening up long-term trading opportunities. However, if this price level is rejected, there is a possibility of another downward correction. With these views, CryptoWzrd advises investors to continue closely monitoring market developments and only act when there are more favorable signals.

With sharp insights and a patient trading strategy, CryptoWzrd continues to affirm the important role of closely monitoring and analyzing the market to make accurate trading decisions.

Annie