Litecoin Retraces From the Recent High amidst Bullish Expectation above $240 Overhead Resistance

Since March 13, Litecoin has been falling consistently after reaching the high of $230. Today, LTC price slumps and finds support above $191 low.

Simultaneously, the bulls buy the dips as the altcoin resumes upward. Buyers have resumed pushing LTC on the upside but the upward move is facing resistance at the $204 high. This was what happened in the previous uptrend. In the previous price action, the altcoin upward move was stuck between the $155 and $200 price level for three days. 

On March 12, the bulls broke the $200 resistance and rallied to $230. On the upside, if the bulls make a repeat of the previous price action, the market will rise to retest the $230 high. Perhaps, if buyers can clear the resistance at $230 and $240, Litecoin will rally to $280 high. Conversely, if the $200 resistance remains unbroken, then the price will be stuck below it for a few more days. The altcoin is trading at $203 at the time of writing.

Litecoin indicator analysis

Litecoin is below the 80% range of the daily stochastic. The price was earlier in the overbought region of the market. This indicates that the altcoin has bearish momentum. The crypto’s price is above the SMAs which indicates a possible rise in price. The RSI is indicating that the price is at level 53. This implies that LTC has room to rally on the upside.

Technical indicators:  

Major Resistance Levels – $240 and $260

Major Support Levels – $160 and $140

What is the next move for Litecoin?  

Litecoin is making an upward move above the $191 support. On March 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that LTC will rise to level 1.618 Fibonacci extension or a high of $274.44. This bullish scenario is likely if the bulls break the $240 overhead 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.