Litecoin (LTC) price analysis, March 30, 2021.
For the past 48 hours, Litecoin bulls have been struggling below the $200 resistance zone. LTC price has been facing resistance at the high of $195. If buyers succeed in breaking above the recent high, the LTC price will return to the range-bound zone between $195 and $210. Nonetheless, if the bullish momentum is sustained and buyers breach the resistance at $210, the $230 overhead resistance would be retested.
In the previous price action, buyers could not resume the upside momentum as the altcoin was confined between $195 and $210 price levels. Unfortunately, the bears sank the altcoin to $170 low. Nevertheless, the bulls bought the dips as buyers attempted to push price to the previous range-bound zone. LTC has returned to the previous range-bound zone. There is a likelihood of retesting the $210 resistance as price approaches the high of $200.
On the 4- hour chart, Litecoin's upward move is doubtful as the daily stochastic indicates an overbought condition of the market. The altcoin is at 76% range of the daily stochastic. Meanwhile, on the daily chart, the market is at level 54 of the Relative Strength index period 14. This indicates that LTC has room to rally on the upside. The SMAs are sloping northward indicating the previous trend.
Major Resistance Levels – $240 and $260
Major Support Levels – $160 and $140
LTC/USD is likely to fall if it faces rejection at the recent high. Besides, the altcoin is approaching the overbought region. There is a tendency for prices to fall. On March 23 downtrend; a retraced candle body tested the 50% Fibonacci retracement. This indicates that the market will fall to level 2.0 Fibonacci extension or the low of $164.68. This analysis will hold if the current uptrend faces rejection.
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.