Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be taken as funding recommendation
March wasn’t the very best month for Litecoin after its valuation fell by over 33 p.c. During the last 7 days, whereas the alt did go on a restoration run, its value was nonetheless 18% decrease than the worth vary it occupied round 13 March, at press time. That being mentioned, bullish sentiment has constructed up effectively over the previous few days and over the approaching week, the altcoin could head in the direction of the $243-price vary as soon as once more.
On the time of writing, LTC was buying and selling at $195 with a 24-hour buying and selling quantity of over $3.4 billion. The previous week noticed the coin’s value surge by over 13 p.c and if this development continues, the rapid resistance could quickly be overcome.
Litecoin 1-day chart
Based on Litecoin’s each day chart, LTC will proceed to try to breach the $209-price stage. With robust bullish momentum build up within the LTC’s market, it’s probably that this stage could also be flipped to a assist within the coming 24-48 hours. In such a state of affairs, LTC could head in the direction of its $243-price goal and register a 100% restoration since its fall within the second week of March.
Nonetheless, if a development reversal have been to happen and the rapid resistance shouldn’t be breached, LTC could should financial institution on its assist at $162 with a view to arrest its falling value. Nonetheless, this didn’t appear very probably and if the primary resistance falls, merchants can profit from opening lengthy positions on the coin.
As per the coin’s technical indicators, LTC’s value may even see a hike within the coming days. The MACD indicator underwent a bullish crossover, with its Sign line lastly going beneath the rising MACD line. The RSI indicator continued to stay within the impartial zone and confirmed that the coin wasn’t threatened by a right away sell-off since each patrons and sellers have been canceling one another out.
Vital ranges to be careful for
Resistance: $209, $243
Entry level: $210
Cease loss: $169
Take revenue: $238
Threat/Reward Ratio: 0.67
Litecoin’s value could register a 100% restoration if it could flip its rapid resistance at $209 to a assist stage. Given the ample bullish momentum within the LTC market, this appears very probably. Nonetheless, if a development reversal takes place, a drop to $162 can’t be discounted.
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