The recent movements in the cryptocurrency market have highlighted significant developments for Litecoin (LTC) and NEAR Protocol (NEAR). Analyzing these trends provides crucial insights into future price movements and trading opportunities.
According to ZAYK Charts, an analyst stated that Litecoin has been confined to a descending channel during the daily timeframe, indicating a bearish trend. Recently, the price approached the upper trendline of this channel, which typically acts as a resistance level.
The slight breach above this resistance may signal a bullish reversal or breakout. If Litecoin maintains its upward momentum and breaks through the $73 – $77 resistance zone, it could reach the $85 – $90 range. More importantly, a sustained rally could drive the price towards the $101 – $103 target area, representing a significant gain from the breakout point.
Conversely, if Litecoin fails to surpass the $73 – $77 resistance and falls back into the descending channel, it could test the $62 – $65 support level. A breakdown below this support might lead to further declines, potentially reaching the $50 – $53 range.
As of press time, Litecoin is trading at $65.67, with a 24-hour trading volume of $294,677,034. Despite a slight decline of 0.71% in the last 24 hours, monitoring these key levels is essential for making informed trading decisions.
Turning to the NEAR Protocol, the situation is equally intriguing. The price of NEAR at publication is $3.75, reflecting a minor decline from the previous week. This price level is slightly below the closing price of last week’s green candle, indicating a potential downward trend, as highlighted by Nebraskangooner, an analyst.
NEAR has encountered resistance at the $4.00 – $4.50 level, which has historically been a challenging barrier. The more substantial resistance appears around the $5.00 – $5.50 range.
The $2.70 – $3.30 range has historically acted as a strong support zone, where the price has previously consolidated or reversed upward. If NEAR falls below this support, it might head towards the $1.50 – $2.00 range, where it found support in the past.
The price is below the 50-week- and 200-week moving averages, suggesting a long-term bearish trend. The 200-week moving average, in particular, signifies ongoing downward pressure.
Analyst Predicts Major Litecoin Rally by 2025The consolidation phase between $3.30 and $4.50 will be pivotal. It could indicate a potential upward move if NEAR holds above the $3.30 support and breaks through the $4.00- $4.50 resistance.
However, a breach below the support level might lead to a decline towards lower levels. With NEAR down 5.85% in the last 24 hours and trading volume at $213,453,729, staying attuned to these levels will be crucial for future trading strategies.
