Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be taken as funding recommendation
Litecoin’s value has seen great bullish momentum over the previous week. The uptrend the coin is on at the moment started within the final week of March, with the identical propelling the alt’s value on the charts. In reality, this resulted in Litecoin registering features of over 55 p.c in simply two weeks.
On the time of writing, LTC was buying and selling at $274.4, with the crypto noting a market capitalization of over $18.5 billion. With a value hike of over 26 p.c over the previous 7 days, LTC’s northbound momentum appeared formidable and it could assist propel it nearer to the $320-price stage within the coming week.
Litecoin 1-day chart
Litecoin’s value has been capable of maintain a really clear uptrend that started on 25 March. Since then, the altcoin’s value has been capable of transfer upwards and preserve its place with out changing into topic to a value correction. Curiously, Litecoin nonetheless has sufficient momentum to proceed on its upward run because it heads nearer to its subsequent stage of assist.
In such a situation, LTC’s merchants can profit from lengthy positions and take revenue round its subsequent resistance stage at $321. Nonetheless, given the present market, that is prone to play out within the coming days and after that, Litecoin may even see a minor correction. Therefore, it’s unlikely that the $321-price vary shall be breached and LTC will see additional value discovery.
Nonetheless, until there’s a drastic change within the crypto-market, it’s fairly possible that the coin might transfer in direction of the $321-range within the coming days. In case of a correction, LTC can rely on two sturdy assist ranges at $241 and $204.
The MACD indicator underwent a bullish crossover, because of which, it doesn’t seem like a development reversal is prone to happen within the coming days. The RSI indicator additionally echoed a really bullish outlook. Nonetheless, the RSI discovered itself within the overbought zone at press time, with the indicator making an attempt to make its means out of it.
Therefore, within the subsequent 3-4 days, LTC may even see a major dip in bullish momentum and should not be capable of go previous $321 once more.
Necessary ranges to be careful for
Cease loss: $241
Take revenue: $319
Danger/Reward Ratio: 0.89
On the time of writing, Litecoin had ample bullish momentum to proceed on its uptrend. Within the subsequent few days, that is going to allow LTC to maneuver in direction of its instant resistance stage at $321, giving lengthy merchants a possibility to take revenue. Nonetheless, there’s additionally the chance that within the coming days the coin may even see its bullish momentum lower and therefore, might not be capable of breach the $321-mark following a small value correction.
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