On May 18, Litecoin (LTC) recovered after a recent fall to the low of $262. The LTC/USD pair rebounded above $270 to reach the previous highs. The bulls have broken the minor resistances at $290 and $310 to reach recent highs.
Litecoin is assumed to be out of downward correction if buyers can push LTC above the $340 support. If buyers are successful above $340 support, Litecoin will resume upside momentum.
Possibly, the bulls will retest the $400 resistance level. But if the bulls fail to sustain above $340 high, the market may decline. If the altcoin retraces and breaks below the $280 support the selling pressure will resume. In the meantime, the altcoin is trading at $312 at the time of writing.
LTC’s price is attempting to break above the 21-day SMA. If it does, the LTC price will be in the bullish trend zone and it is capable of rising on the upside. The altcoin price has risen to level 52 of the Relative Strength Index period 14. It indicates that the LTC price is in the uptrend zone and above the centerline 50.
Major Resistance Levels – $500 and $540
Major Support Levels – $340 and $40
LTC/USD has resumed an upward move. The bulls were able to defend the $265 support when the bears retested it twice. On May 17 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.0 Fibonacci extensions or the high of $323.09.
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.