LTC is going through strain close to $190 as bears look to increase the breakdown beneath the 20-day exponential transferring common
Litecoin value continues to commerce close to $190 as bulls goal a breakout in the direction of $200 and a doable 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 to be like like bears have plans heading into April, Litecoin’s value may benefit from the general optimism out there. This outlook may strengthen if Bitcoin value manages to retest $60k and rally increased.
The market can be prone to react positively to PayPal’s announcement that its US clients can now pay with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) at any of the retailers that settle for cryptocurrency.
If the optimistic view holds and LTC/USD breaks above the psychological $200 stage, a contemporary 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 couple 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 beneath the decrease pattern line on 28 March, with a swift response from bulls blindsiding bears as costs rebounded off lows of $171 to achieve intraday highs of $200 on 30 March.
As we speak, LTC/USD got here near breaching the psychological resistance as soon as once more, touching intraday highs of $199.
If bulls push increased 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.
On the draw back, additional losses loom if bulls fail to get well and hold costs above the 20-day exponential transferring common ($191).
Whereas the MACD suggests a hidden bullish divergence, it stays inside the adverse zone. The each day RSI can be beneath 50 to counsel bears nonetheless maintain the higher hand. This might jeopardise bulls’ restoration efforts, with speedy declines prone to pull LTC/USD in the direction of $177. The following assist zone may very well be at $152.