Litecoin (LTC) value rebounded above $200 however later hit resistance close to the 0.5 Fibonacci retracement stage
Litecoin‘s value elevated by 5% in early morning trades on Wednesday, with LTC/USD recovering from lows of $197 to commerce above $200. Whereas the ninth ranked cryptocurrency has not managed to spike increased, it’s possible Bitcoin’s upward trajectory above the $55k stage will assist LTC bulls goal for increased floor.
Nonetheless, bulls are more likely to discover it troublesome to maintain the upside momentum if sellers push costs beneath $200.
On the time of writing, LTC was buying and selling at $201. In response to knowledge from CoinMarketCap, Litecoin’s intraday buying and selling quantity has shrunk by 30.4% to $5.4 billion. The decreased quantity may sign an absence of enthusiasm amongst bulls, permitting sellers to strengthen their assault on the crucial $200 stage.
If this occurs, LTC/USD may transfer additional away from the all-time peak of $375, which it reached on 19 December 2017. Presently, Litecoin value is about 46% off that all-time excessive.
On the community improvement entrance, the Litecoin Basis has introduced that the MimbleWimble Extension Block (MWEB) is “Code Compete“. Which means that Litecoin has moved one step additional in the direction of enhancing its scaling. Aside from that, activation for the code will introduce new privateness options, bettering upon Litecoin’s transaction anonymity.
Litecoin value outlook
The previous 48 hours have seen Litecoin’s value motion stay inside a decent vary above $200. The dearth of a decisive transfer out of the vary sees bulls face a tricky job protecting bears away.
The optimistic factor for consumers is that LTC/USD is effectively supported above the 100 SMA ($194.4). If costs break increased and settle above the 0.5 Fibonacci retracement stage ($206), the subsequent goal can be an important horizontal resistance line simply above $220.
The upside correction from this stage to the $230 value zone is probably going given the Parabolic SAR is beneath the candlesticks on the 4-hour chart. Continuation of the bullish outlook for the LTC/USD pair may open up a retest of $240, with a possible for getting strain in the direction of $300.
On the draw back, Litecoin is more likely to flip adverse if it crosses beneath the 100 SMA. This transfer may invite extra sellers and see costs drop previous the seven-day low of $190.
The RSI additionally stays beneath the midpoint to counsel bearish strain holds. If recent promoting happens, it’s attainable LTC costs may decline to an outdated descending development line. The first assist alongside this line is at $180, though an prolonged sell-off may encourage bears to focus on $170.
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