Litecoin bulls eyeing $204 after stiff selling pressure at $197
Litecoin, the world’s fourth-largest cryptocurrency by market capitalization, surged more than 30 percent overnight. The early morning rally marked the second time in a month that Litecoin has seen such a jump. On Feb. 13, the cryptocurrency surged 20 percent in a single day.
Since the beginning of the year, Litecoin bulls have been eyeing a move up to $204.07, a move that would be bringing Litecoin (LTC) back to the $200 level, after the cryptocurrency had been dropping all the way down to the $90 zone in February. But for the past few days, Litecoin has been on an upside correction, and it seemed like we would be seeing a new low below $200. But the price has managed to hold above the $200 level, and it is now trading just above $202.00.. Read more about is litecoin dead and let us know what you think.Summary of the situation
- LTC is trading in a descending channel with resistance above $197.
- The next price target on a break above $197 is $204.
- The first support level is at $189.
Litecoin Price Analysis: Price Overview
Litecoin has formed a descending triangle structure with a support line at $189 and a resistance structure at $194. The coin entered the $197 area, where it was rejected after making an intraday high on the 24-hour chart. A head-shoulder pattern has formed at $197, with the neckline crossing current resistance on the 4-hour chart at $194. However, the price action was within the downtrend line from the neckline to below the first reversal resistance at $189. At this point, the first angle of the descending triangle begins its base. Buyers tried to consolidate at this point, but were then pushed to $190 and faced a sharp pullback, resulting in a downward correction on the 1-hour chart below the 10-day moving average convergence and divergence (MACD). Source: Tradeview
Litecoin Price Analysis: Litecoin’s price movement in the 24 hour chart
Litecoin was able to close yesterday’s session with a gain of 2.33% and reached $186.78. The currency continued its morning uptrend and rebounded to $188. Since then, buyers have tried to push the price higher to beat two critical resistances: the first and second reversal resistances at $197 and $204. The afternoon rally was able to gain support at $190 and test initial resistance. As a result, the currency became oversold and corrected below $190, forming another descending triangle. The bulls need to overcome the descending triangle structure for the rally to reach $204. A break above $190 will need support from the broader market, attract buyers and prolong a new cryptocurrency rally. The relative strength index indicates an overbought condition. However, if the bears are able to overcome the buying pressure, there is a good chance that the first level of reversal resistance will be reached. Source: Tradeview
Litecoin Price Analysis: 1-hour Litecoins price chart
Litecoin is hovering around the $190 level – the top of the descending triangle on the 1-hour chart suggests an opportunity for buyers. There is a high probability of a potential breakout of the structure, which would extend a new uptrend towards $200. At the time of writing, the coin is trading at $189 apiece. Further selling pressure is expected at this level, as the currency has already hit an hourly high at $190, but the bears appear to be holding back at $189 and $188.
Litecoin Price Analysis: Supplement
In this case, one of the following options is possible: A sustained decline is sending the price of Litecoin below $185. This could end with the coin making contact with levels below $180. On the other hand, sustained buying would form a bullish pattern above $195 and $197, which could lead to a weekly high of $210. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The Litecoin price has been locked in a tight range between $197 and $202, despite a strong technical setup. We believe investors are awaiting a breakout above $202 before taking positions on the stronger side.. Read more about is litecoin a good investment and let us know what you think.
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