Litecoin (LTC) has continued its uptrend after breaking above the moving averages and resistance at $112. The cryptocurrency has continued to rise and has approached the crucial resistance at $141.
In the uptrend from February 9, LTC/USD reached the high of $141, but buyers could not maintain the upward momentum above the resistance level.
Litecoin fell to the low above the $102 support on February 21. Today, LTC/USD has bullish momentum again and the bulls are trying to break the high at $141. If the bulls break the high at $141, the market will rally to the high at $150. Litecoin will then be out of the downward correction as it regains upward momentum. On the other hand, if the buyers fail to overcome the resistance at $141, the LTC price will fall above the moving averages.
Litecoin has risen to level 65 of the Relative Strength Index for the period 14. The cryptocurrency is in the uptrend zone and is capable of further upward movement. Litecoin is above the 50% area of the daily stochastic. This indicates that the market has developed bullish momentum again. The altcoin will rise as long as the price bars are above the moving averages.
Resistance Levels: $240, $280, $320
Support Levels: $200, $160, $120
On the 4-hour chart, Litecoin is in an uptrend. The LTC price is posting a series of higher highs and higher lows. The current uptrend will continue as long as the price bars are above the moving averages. The upward movement will end when the price falls below the moving averages.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.