Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be taken as funding recommendation
Litecoin has endured fairly just a few value corrections over the previous few months. Nonetheless, for the reason that final week of March, the coin has been buying and selling upwards and should quickly be capable of breach a robust resistance degree that remained unaffected, regardless of just a few 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 passed off in the direction of the tip of February because the coin headed upwards from its $170-price degree. Regardless of these efforts, nevertheless, LTC was as soon as once more subjected to a value correction and an identical uptrend from the identical value degree materialized in the direction of the tip of March.
Apparently, for the press time uptrend, there appeared to be ample bullish momentum and this may increasingly maintain the value 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 might settle beneath the $281-range. It’s price noting that two sturdy helps have been additionally discovered at $190 and $162.
The technical indicators for Litecoin have been picturing sturdy bullish sentiments, at press time. The MACD indicator underwent a bullish crossover and a reversal didn’t appear very probably. The RSI additionally echoed this sentiment because it continued to be northbound and stayed within the overbought zone.
Necessary ranges to be careful for
Resistance: $248, $281
Help: $190, $162
Cease loss: $199
Take revenue: $279
The worth of Litecoin was persevering with to commerce upwards and there appeared to be sturdy bullish momentum behind the coin. If LTC breaches the $248-resistance, then the coin might have ample momentum to come back near the $281-price vary. In such a state of affairs, lengthy positions could also be helpful for merchants.
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