Litecoin price has been hovering above $200 support for the past two days. Presently, buyers are making frantic efforts to break the $220 resistance levels which have impeded a further upward movement of price.
In its previous rallies, Litecoin traded and reached a high $230 on February 13. The bulls attempted to push LTC above $230 resistance but were repelled the following day. The market dropped to $185.50 low as bulls buy the dips.
Litecoin rallied to $220 high after the bulls bought the dips. For the past two days, the bulls are yet to break the recent high. The cryptocurrency will commence the resumption of its uptrend once the $220 and $230 resistance levels are breached. The bullish momentum will extend to the highs of $250 and $270. On the other hand, if LTC turns down from the current resistance level, the market will drop again to $185 low.
Litecoin indicator analysis
The cryptocurrency has fallen to level 69 of the Relative Strength Index period 14. This indicates that the coin is trading in the overbought region of the market. The market is above the 80% range of the daily stochastic. It indicates that the price is in the overbought region and it is an invitation to sellers to emerge.
Major Resistance Levels – $240 and $260
Major Support Levels – $160 and $140
What is the next move for Litecoin?
For the past two days, the price has been consolidating above the $200 support for a possible upward move. Further movement is possible if the current support holds. On February 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that LTC will rise to level 1.272 Fibonacci extension level or a high of $226.31. However, there is a possibility that the market will reverse to 78.6% Fibonacci retracement level.
Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
Source: Read Full Article