LTC is dealing with strain close to $190 as bears look to increase the breakdown beneath the 20-day exponential transferring common
Litecoin price continues to commerce close to $190 as bulls goal a breakout in direction of $200 and a doable rally to a different multi-year excessive. The cryptocurrency seemed to have picked an uptrend on 28 and 29 March, however consumers couldn’t maintain the momentum above $200 as revenue reserving kicked in.
While it seems to be like bears have plans heading into April, Litecoin’s price may gain advantage from the general optimism out there. This outlook might strengthen if Bitcoin price manages to retest $60ok and rally larger.
The market can be prone to react positively to PayPal’s announcement that its US prospects 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 fresh surge within the subsequent few weeks might 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 2.3% on the day and over the week, respectively.
Litecoin price 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 succeed in intraday highs of $200 on 30 March.
Today, LTC/USD got here near breaching the psychological resistance as soon as once more, touching intraday highs of $199.
If bulls push larger and efficiently settle above $200, a brand new leg up might 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).
While the MACD suggests a hidden bullish divergence, it stays throughout the unfavorable zone. The day by 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 direction of $177. The subsequent help zone could possibly be at $152.