Litecoin Price Movement Analysis for 15th April, 2021

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Over the last fortnight, the price of Litecoin has risen dramatically. The latest uptrend in the coin’s price started in the last week of March, propelling the alt’s price up the charts. In reality, Litecoin gained more than 55% in just two weeks as a result of this.

LTC was trading at $274.4 at the time of publication, with a market capitalisation of more than $18.5 billion. With a price increase of more than 26% in the last seven days, LTC’s upward momentum seemed formidable, and it may help catapult it closer to the $320-price mark in the coming week.

Litecoin 1-day chart

Source: LTC/USD, TradingView

The price of Litecoin has been able to maintain a very strong uptrend that started on March 25. Since then, the altcoin’s price has been able to rise and hold its spot without experiencing a price reversal. Surprisingly, Litecoin already has enough traction to maintain its upward trend as it approaches the next stage of funding.

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In such a case, LTC traders will gain from long positions and take profits near the next resistance level at $321. However, given the current market conditions, this is expected to play out in the coming days, and Litecoin will experience a small correction after that. As a result, it is doubtful that the $321-price range will be broken, and LTC will see more price discovery.

However, unless there is a significant shift in the crypto-market, the coin is expected to climb into the $321-range in the coming days. In the event of a reversal, LTC has two high support ranges at $241 and $204.

Rationale 

The MACD indicator completed a bullish convergence, indicating that a pattern turnaround is unlikely to occur in the coming days. The RSI metric echoed a rather bullish stance as well. However, the RSI was in the overbought region at the time of publication, and the predictor was attempting to move out of it.

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As a result, in the next 3-4 days, LTC may experience a significant drop in bullish momentum and may be unable to break through $321 once more.

 

Important levels to watch out for

Entry: $283

Stop loss: $241

Take profit: $319

Risk/Reward Ratio: 0.89

Conclusion

Litecoin had enough bullish energy at the time of writing to resume its uptrend. This would allow LTC to rise towards its immediate resistance level of $321 in the coming days, offering long traders an opportunity to benefit. However, there is a chance that the coin’s bullish momentum will wane in the coming days, and it will be unable to break through the $321 barrier after a minor price reversal.

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