LTC Continues Its Ascent Towards $150

Spread the love

The Litecoin (LTC) price has been increasing at an accelerated rate over the past two weeks and is currently approaching the $149 resistance area.

It should reach this area and possibly break out.

LTC Long-Term Levels

The weekly chart shows that LTC has been moving upwards since the beginning of March. It’s approaching the $149 resistance area, which is the 0.382 Fib retracement level of the entire previous downward move and coincides with the June 2019 highs.

If it breaks out successfully, the next resistance area would be at $187.

Technical indicators are bullish, supporting the possibility that it will rally at least to the $149 resistance area and possibly break out.

Long-Term Levels
Chart By TradingView

Future Movement

The daily chart also supports the possibility that it will increase at least to the $149 resistance area.

Despite a still unconfirmed bearish divergence in the RSI, both the MACD and Stochastic Oscillator are moving upwards, showing no signs of weakness whatsoever.

RECOMMENDED READ:  Ripple:SEC's allegations unproven; will response in weeks working with SEC’s new leadership
Daily Movement
Chart By TradingView

The shorter-term two-hour chart shows that LTC has already broken out from a descending resistance line and has moved upwards at an accelerated rate.

Similar to the weekly and daily time-frames, technical indicators are bullish. Therefore, LTC is likely to continue increasing towards $149 and possibly $187.

A decline below the $100 support area would invalidate this possibility.

LTC Short-Term Breakout
LTC Chart By TradingView

LTC/BTC

Cryptocurrency trader @damskotrades outlined an LTC/BTC chart, stating that it has fallen back to the range low. He expects a significant upward move.

Litecoin/BTC
Source: Twitter

The weekly LTC/BTC chart looks quite bullish.

First, LTC has broken out from a descending resistance line that had previously been in place since the beginning of the year. Also, there is significant bullish divergence in both the MACD and the RSI, the latter having just crossed above 50. Finally, the Stochastic Oscillator has just made a bullish cross.

Therefore, LTC should continue increasing towards ₿0.0095 and possibly ₿0.011

LTC Breakout
Chart By TradingView

Conclusion

To conclude, the LTC/USD pair is likely to continue increasing towards $149 and possibly $187.

RECOMMENDED READ:  American Express Enters Cryptocurrency Market

On the other hand, LTC/BTC looks macro bullish and should slowly move towards ₿0.0095 and possibly ₿0.011

 200 Interactions,  2 today

READ ALSO:
New proposal could allow holders of DOGE,XRP, LTC to create ‘stable tokens’ on Flare soon

Trustline, a California-based credit network, plans to release a new stablecoin that will be deployed on the Flare network and Read more

Augur, Dogecoin, Monero Price Movement Analysis for 24th February 2021

At press time, the famous privacy coin Monero stabilized on the charts and saw a rise above the $230-level at Read more

Synthetix, Tezos, Verge Price Movement Analysis for 24th February 2021

Tezos broke above 0.5 Fibonacci mark, targeting 0.618 and 1-levels at the back of its bullish on-chain metrics. Further down Read more

Chainlink, Cosmos, Enjin Price Movement Analysis for 24th February 2021

In the short term, Chainlink was expected to climb above its overhead resistance, with its indicators blinking green signals. Down Read more

RECOMMENDED READ:  Leading Industry Exec Says the Bitcoin Bull Case Is Clear as Day

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: