Litecoin bulls pushed LTC in the direction of the upside, making the cryptocurrency publish double-digit features. The place will Litecoin go subsequent?
Litecoin spent the vast majority of 2021 buying and selling in the identical route as Bitcoin, however with a decrease depth. Nevertheless, LTC bulls stepped into the market and propelled its worth in the direction of the $160.8 resistance degree and put the cryptocurrency on the merchants’ map as soon as once more.
Litecoin’s total outlook is sort of bullish, each from a basic and technical standpoint. Nevertheless, this transfer was largely attributable to the technicals. Having a look at its weekly efficiency, LTC has posted features 14.20%, outperforming BTC’s acquire of three.70%, however falling wanting ETH’s 20.88% features.
On the time of writing, Litecoin is buying and selling for $158, which represents a 23.27% acquire when in comparison with its earlier month’s worth. Litecoin is at present the seventh largest cryptocurrency by market cap, boasting a price of $10.5 billion.
Having a look on the every day chart, Litecoin has been on a gradual uptick after the eleventh January crash. Its fundamental resistance degree is at present the $160.8 degree, which might now be thought-about a pivot level, as LTC’s short-term worth motion is determined by this degree tremendously.
If Litecoin manages to interrupt $160.80, bulls could push the worth additional up in the direction of the $186.30 this yr’s highs. Then again, if the cryptocurrency fails to interrupt this important degree, we might even see a retracement to the earlier ranges and a attainable check of the $145 zone.
LTC/USD every day worth chart. Supply: TradingView
The technical overview reveals Litecoin’s every day RSI hovering slightly below the overbought space, with its worth at present sitting at 68.12.
LTC/USD 1-hour chart. Supply: TradingView
Litecoin’s hourly timeframe clearly reveals us the 2 worth spikes, one taking its worth slightly below $155 and the opposite stopping proper beneath the $160.80 resistance degree. Whereas it appeared at one level like the primary spike’s features can be eaten away by the retracement, Litecoin’s bounce off of the 21-hour EMA and the 38.2% Fib retracement degree of $145.10 pushed the worth up and induced one other push in the direction of the upside. Litecoin doesn’t look like it has stopped trying a break of the $161.5 degree, and merchants may need to search for a “journey the wave” commerce or a retracement commerce.