Litecoin Bulls Maintain Current Rallies however Battle to Break $230 Resistance

Feb 19, 2021 at 12:15 // Information

Litecoin bulls attempted to break the resistance

For the previous week, Litecoin attained a peak worth of $230 and an additional upward transfer resulted in a downward correction. Patrons have made concerted efforts to push LTC’s worth above the current excessive however had been repelled.

On February 14, the bulls tried to interrupt the resistance however the altcoin fell to a low of $185.50. The bulls had been available as they purchased the dips which propel the market to maneuver up. The value rallied to $240 and it was subsequently repelled. Litecoin made one other downward correction to $220 low. At present, the cryptocurrency is fluctuating beneath and above the $230 worth degree. There was no vital worth motion as altcoin is but to pattern. On the upside, if the bulls can break the current excessive; the market will attain the highs of $250 and $270 worth ranges.

Litecoin indicator evaluation

The value motion has been stunted due to the current worth indicators. The RSI has indicated that Litecoin is above degree 70 and it has no room to rally on the upside. LTC remains to be within the overbought area as sellers emerge to push costs down.


Technical indicators:  

Main Resistance Ranges – $240 and $260

Main Assist Ranges – $160 and $140

What’s the subsequent transfer for Litecoin?  

Litecoin has been in a downward correction. The bulls are but to interrupt the present resistance. The Fibonacci instrument has indicated a attainable transfer on the upside and reversal. On February 14 uptrend; a retraced candle physique examined the 78.6% Fibonacci retracement degree. This retracement signifies that LTC will rise to degree 1.272 Fibonacci extension degree or a excessive of $264.29. Nonetheless, there’s a risk that the market will reverse to a 78.6% Fibonacci retracement degree.


Disclaimer. This evaluation and forecast are the private opinions of the writer that aren’t a suggestion to purchase or promote cryptocurrency and shouldn’t be seen as an endorsement by CoinIdol. Readers ought to do their very own analysis earlier than investing funds.

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