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Litecoin bulls have made a tremendous move as price breach the resistances at $240. The overhead resistance has been holding since February 16 which has compelled the altcoin to a downward correction for about two months.
On April 10, the bulls broke the resistance as price rallied to $262 high. However, buyers made a pullback to the $240 support which was the previous resistance.
LTC/USD has commenced a fresh uptrend as buyers break the previous high. More upsides are possible if bulls break the previous high of $262. The market is expected to rally above $300. Conversely, if buyers fail to push above the $262 resistance, the bears will intend to break the $240 support. This will cause the altcoin to decline to $220 low. Nonetheless, the bulls are attempting to break the previous highs. If they are successful, the upside momentum will resume.
Litecoin indicator analysis
Litecoin price is well above the moving averages which suggest a further rise in price. The altcoin has a bullish crossover. The 21-day SMA crosses above the 50-day SMA which indicates a bullish signal. The daily stochastic is already above the 80% range. Whereas, LTC price is at level 67 of the Relative Strength Index period 14. The price indicators have signified that Litecoin has no sufficient room to rally on the upside.
Technical indicators:
Major Resistance Levels – $262 and $264
Major Support Levels – $200 and $198
What is the next move for Litecoin?
Buyers have breached the resistances at $230and $240. This proves that more upsides are possible. On April 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rally to 1.618 Fibonacci extension or the high of $289.29. From the price action, buyers are still struggling to break the $262 resistance.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.