Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be taken as funding recommendation
Litecoin has endured fairly a number of value corrections over the previous few months. Nonetheless, because the final week of March, the coin has been buying and selling upwards and should quickly have the ability to breach a robust resistance stage that remained unaffected, regardless of a number of previous surges in value.
On the time of writing, LTC was being traded at $226, with the cryptocurrency having a market capitalization of over $14 billion. Over the previous week, the cryptocurrency has seen its value surge by over 12 p.c, with the alt sustaining a 24-hour buying and selling quantity of $8 billion.
Litecoin 1-day chart
Litecoin set out on a robust uptrend on two events within the current previous. The primary occasion occurred in direction of the tip of February because the coin headed upwards from its $170-price stage. Regardless of these efforts, nonetheless, LTC was as soon as once more subjected to a value correction and an identical uptrend from the identical value stage materialized in direction of the tip of March.
Curiously, for the press time uptrend, there appeared to be enough bullish momentum and this will likely preserve the worth immune from value corrections.
In such market circumstances, merchants can profit from opening lengthy positions and if the coin is ready to breach its $248-resistance, then within the coming week, LTC could settle under the $281-range. It’s price noting that two robust helps have been additionally discovered at $190 and $162.
The technical indicators for Litecoin have been picturing robust bullish sentiments, at press time. The MACD indicator underwent a bullish crossover and a reversal didn’t appear very possible. The RSI additionally echoed this sentiment because it continued to be northbound and stayed within the overbought zone.
Vital ranges to be careful for
Resistance: $248, $281
Assist: $190, $162
Cease loss: $199
Take revenue: $279
The worth of Litecoin was persevering with to commerce upwards and there appeared to be robust bullish momentum behind the coin. If LTC breaches the $248-resistance, then the coin could have enough momentum to return near the $281-price vary. In such a situation, lengthy positions could also be useful for merchants.
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