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Litecoin (LTC) value seeks breakout from consolidation close to $200

04/01/2021

litecoin-(ltc)-price-seeks-breakout-from-consolidation-near-$200

LTC is going through strain close to $190 as bears look to increase the breakdown under the 20-day exponential transferring common

Litecoin value continues to commerce close to $190 as bulls goal a breakout in direction of $200 and a potential rally to a different multi-year excessive. The cryptocurrency regarded to have picked an uptrend on 28 and 29 March, however patrons couldn’t maintain the momentum above $200 as revenue reserving kicked in.

Whereas it appears like bears have plans heading into April, Litecoin’s value may gain advantage from the general optimism available in the market. This outlook may strengthen if Bitcoin value manages to retest $60k and rally larger.

The market can also be more likely to react positively to PayPal’s announcement that its US clients can now pay with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Money (BCH) at any of the retailers that settle for cryptocurrency.

If the optimistic view holds and LTC/USD breaks above the psychological $200 degree, a recent surge within the subsequent few weeks may see bulls goal a brand new peak.

As of writing, bulls face a battle to maintain costs above $190, with the cryptocurrency down 1.2% and a pair of.3% on the day and over the week, respectively.

Litecoin value market outlook

Litecoin has traded inside a symmetrical triangle since breaking decrease from highs of $247 on 20 February. Bears managed to ship costs under the decrease pattern line on 28 March, with a swift response from bulls blindsiding bears as costs rebounded off lows of $171 to succeed in intraday highs of $200 on 30 March.

In the present day, LTC/USD got here near breaching the psychological resistance as soon as once more, touching intraday highs of $199.

If bulls push larger and efficiently settle above $200, a brand new leg up may see them goal $208. A bullish flip from this resistance line will spotlight a possible run to $247 after which multi-year highs above $250.

LTC/USD each day chart. Supply: TradingView

On the draw back, additional losses loom if bulls fail to recuperate and preserve costs above the 20-day exponential transferring common ($191).

Whereas the MACD suggests a hidden bullish divergence, it stays throughout the damaging zone. The each day RSI can also be under 50 to recommend bears nonetheless maintain the higher hand. This might jeopardise bulls’ restoration efforts, with instant declines more likely to pull LTC/USD in direction of $177. The subsequent assist zone might be at $152.

https://coinjournal.internet/information/litecoin-ltc-price-seeks-breakout-from-consolidation-near-200/

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