Home Litecoin Litecoin Price Analysis: 08 April

Litecoin Price Analysis: 08 April

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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 

Supply: LTC/USD, TradingView

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.

Rationale

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

Entry: $237

Cease loss: $199

Take revenue: $279

Conclusion 

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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