Litecoin Price Movement Analysis for 8th April, 2021

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Litecoin has seen a number of price drops in recent months. However, the coin has been trading upwards since the last week of March and could soon be able to break a high resistance range that has remained untouched after a few previous price spikes.

LTC was trading at $226 at the time of publication, with the cryptocurrency holding a market capitalisation of more than $14 billion. Over the last fortnight, the cryptocurrency’s price has increased by more than 12%, with the alt holding a 24-hour trading rate of $8 billion.

 

Litecoin 1-day chart

Litecoin has recently embarked on a heavy uptrend on two occasions. The first occurrence occurred at the end of February, when the coin began to rise from its $170 price mark. Despite these measures, LTC was exposed to another price reversal, and a parallel uptrend from the same price range materialised towards the end of March.

Interestingly, there seemed to be ample bullish traction for the press time uptrend, which may keep the market immune to price declines.

In such market conditions, traders may profit from opening long positions, and if the coin is able to break its $248-resistance, LTC can settle below the $281-range in the coming week. It’s also worth remembering that two solid supports were discovered at $190 and $162.

RECOMMENDED READ:  Algorand, Bitcoin Cash, FTX Token Price Movement Analysis for 11th April, 2021

 

Rationale

At the time of publication, the technical indicators for Litecoin were depicting heavy bullish sentiments. The MACD predictor showed a bullish crossover, indicating that a turnaround was unlikely. The RSI reiterated this feeling as it began to rise and remained in the overbought sector.

Important levels to watch out for 

Resistance: $248, $281

Support: $190, $162

Entry: $237

Stop loss: $199

Take profit: $279

Conclusion 

Litecoin’s price was starting to rise, and there seemed to be clear bullish sentiment behind the coin. If LTC breaks through the $248-resistance level, it can gain enough traction to approach the $281-price range. Long positions can be advantageous for traders in such a situation.

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