Litecoin price has rallied to $212 high after buyers succeeded in breaking the $200 resistance level. Today, LTC is still fluctuating below the recent high as price reaches the overbought region.
As bulls break the $200 resistance, the upward move ought to continue on the upside to retest the $240 high. However, as price reaches the overbought region, a retest at the $240 high is doubtful. Litecoin is likely to retrace to the $200 support if the bulls fail to continue with the recent upward move. The upward move will resume if the $200 support holds.
However, if the bears break below the $200 support, the altcoin will revert to the previous price action. In the previous price action, the bulls had an uphill task to break the price range between $155 and $200. The bulls retested the resistance at $200 thrice before the recent uptrend. Meanwhile, LTC is trading at $208 at the time of writing.
LTC price is above 80% range of the daily stochastic. It indicates that the price movement is reaching bullish exhaustion. The upward move is doubtful. The altcoin price has risen above the 50-day and 21-day SMAs. This indicates a possible rise in price.
Major Resistance Levels – $240 and $260
Major Support Levels – $160 and $140
Litecoin bulls have broken a crucial resistance level as the market resumes an upward move. On March 10 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that LTC will rise to level 2.0 Fibonacci extension or a high of $235.56. The upward move is facing resistance as sellers may emerge in the overbought region.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.