Litecoin cost continues to trade near $190 as bulls target an outbreak towards $200 and also a feasible rally to another multi-year high. The cryptocurrency aimed to have selected an uptrend on 28 and also 29 March, yet customers might not maintain the momentum over $200 as profit reservation kicked in.
LTC is dealing with stress near $190 as bears look to extend the malfunction below the 20-day rapid moving average
While it resembles bears have strategies heading into April, Litecoin’s price can gain from the general optimism in the marketplace. If Bitcoin rate manages to retest $60k and rally higher, this outlook might enhance.
The market is likewise likely to respond positively to PayPal’s statement that its US consumers can now pay with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and also Bitcoin Cash (BCH) at any of the merchants that accept cryptocurrency.
If the optimistic view holds and also LTC/USD breaks over the psychological $200 level, a fresh rise in the next couple of weeks can see bulls target a new peak.
Since writing, bulls deal with a battle to maintain costs above $190, with the cryptocurrency down 1.2% as well as 2.3% on the day and also over the week, respectively.
Litecoin rate market outlook
Litecoin has actually traded within a symmetrical triangular since breaking reduced from highs of $247 on 20 February. Bears took care of to send out rates below the lower pattern line on 28 March, with a swift response from bulls blindsiding bears as costs recoiled off lows of $171 to reach intraday highs of $200 on 30 March.
Today, LTC/USD came close to breaching the mental resistance once more, touching intraday highs of $199.
A new leg up could see them target $208 if bulls press greater and also effectively resolve above $200. A favorable flip from this resistance line will highlight a possible run to $247 and after that multi-year highs above $250.
LTC/USD daily graph.
On the disadvantage, additional losses impend if bulls fail to recuperate as well as maintain rates above the 20-day rapid relocating average ($191).
The everyday RSI is additionally listed below 50 to recommend bears still hold the top hand. This can jeopardise bulls’ recuperation initiatives, with prompt declines likely to pull LTC/USD towards $177.
While the MACD suggests a concealed favorable divergence, it stays within the adverse area. The everyday RSI is likewise below 50 to suggest bears still hold the top hand. This could jeopardise bulls’ recovery efforts, with prompt declines likely to draw LTC/USD in the direction of $177. The following assistance zone can be at $152.