Litecoin bulls have made some positive moves in the last 48 hours. Buyers have breached the $210 resistance level.
Presently, the LTC price is retesting the resistance at $230. LTC/USD will be out of the bear market if buyers can clear the resistances at $230 and $240. The altcoin will rise to $270 if these resistances are breached. In the meantime, the price indicators are showing the overbought condition of the cryptocurrency.
Presently, the LTC price is stalling below the $230 resistance. This is because the altcoin is reaching the overbought region of the market. The major price indicator has reached level 71 of the Relative Strength Index period 14. It explains that the altcoin may not have enough room to continue the upside momentum. Consequently, Litecoin may be compelled to a sideways move or it may resume selling pressure. Meanwhile, the market has risen to a high of $228.31 at the time of writing.
In the current uptrend, one major indicator is the moving averages and the current price level. The market will continue to rise as long as price is above moving averages. The altcoin is above the 80% range of the daily stochastic. It indicates that the price is in a bullish momentum and the market is overbought.
Major Resistance Levels – $240 and $260
Major Support Levels – $160 and $140
LTC/USD is likely to move to the upside as price breaches the resistance at $210. On April 3 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement gives the impression that the market will rally to 1.618 Fibonacci extension or the high of $248.87.
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.