Litecoin in Brief Uptrend, Attempts to Break $200 Resistance Zone

On February 25, the price corrected upward but was repelled at the $205 resistance. The bearish reaction compelled Litecoin to decline to $162 low. 

The uptrend repeated itself twice in March but buyers are yet to have the upper hand over sellers. The LTC price is trading at $199.68 at the time of writing. On the upside, if buyers continue to push price and the resistance is breached, LTC will retest its previous high at a level of $240. However, the bullish scenario will be invalidated if Litecoin is repelled from the $200 resistance zone. The price will then be fluctuating between $155 and $205.

Litecoin indicator analysis

LTC price is now above the 50-day and 21-day SMAs. The market will begin to rise if the current bullish momentum is sustained above the SMAs. The price is above the 40% range of the daily stochastic. This implies that Litecoin has bullish momentum.

Technical indicators:  

Major Resistance Levels – $240 and $260

Major Support Levels – $160 and $140

What is the next move for Litecoin?  

Presently, Litecoin is making an upward move. According to the Fibonacci tool, the uptrend is likely to be short-lived. On March 3 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that LTC will rise and reverse at level 1.272 Fibonacci extension  or a high of $207.93.  However, the LTC price will reverse to 78.6 Fibonacci retracement level where it originated.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.