LITECOIN PRICE ANALYSIS & PREDICTION (May 7) – LTC Reclaims Lost High, Signals More Buys Following 12% Daily Gains

Starting this month on a weak note after seeing almost 50% recovery in a month, Litecoin posted losses and mounted support above the $80 level. It regained strength and now looks bullish on the daily timeframe.Last month, Litecoin went through a major recovery after declining to its lowest level in five months. That recovery brought the price back in the $90 range, but it failed to sustain momentum higher due to a rejection.This rejection triggered a drop, and the crypto started the new month on a weak note. After five days of pullback, it found solid ground and held the $81 level as support. Resurging from this support level yesterday, the price increased significantly and closed briefly above last month’s high.While that has brought more recovery in the market, it is now looking ready for a big move. The psychological $100 level remains a key hurdle for the bulls. If they scale through it, we can expect a bigger move until the price breaks higher. In the next leg down, it must break below before considering a bearish extension in the mid-term.Following the latest recovery in the crypto space, it saw the biggest gain among the top 50 altcoins, leading the daily altcoin rally at the time of writing. Although Stacks’s STX, Worldcloin’s WLD and Hyperliquid’s HYPE also posting double-digit gain, closely following suit.LTC’s Key Levels to WatchSource: TradingviewLTC currently eyes a close resistance level of $96.5. A successful surge above this level could bring a recovery to the $100 and $113 resistance. The $130 and $149 levels are higher resistance to watch for a breakup.The $80 level has managed to hold during last leg down. If the price dips below it, the support level to watch is $73.3, followed by last month’s $63 low.Key Resistance Levels: $96.5, $100, $113Key Support Levels: $81, $73.3, $63Price: $92.15Trend: BullishVolatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!