An upbeat sentiment throughout the market and a spike in new addresses might catalyse a brand new worth pump for Litecoin
Litecoin, like most different altcoins, posted some nice upside motion over the weekend as LTC bulls mirrored Bitcoin’s and Ethereum’s stellar performances. Because the BTC worth broke to the $45,000 mark for the primary time in over two months, Ethereum pumped on the again of a profitable London laborious fork to see ETH/USD break the $3,000 degree.
Litecoin took the cue to interrupt above $150, recording two consecutive day by day closes above the extent for the primary time since 20 June.
As of writing, LTC is buying and selling at round $149, barely decrease as revenue taking seems to be limiting early morning offers this Monday.
But when bulls resume the uptrend, they may see a 26% upside to a key resistance degree.
Litecoin worth outlook
Litecoin worth has traded above the 50 SMA line since a rebound off lows of $1.04 noticed consumers breach resistance round $138. The bounce confirmed a double backside sample and consolidation above the 50 SMA gave bulls an opportunity to assault the resistance line at $147.
The worth has turned decrease because the rally to a 7-day excessive of $157, however a transparent day by day shut at or above $150.79 would permit LTC bulls to focus on extra positive aspects in direction of the flatlining 200 SMA close to $191.18.
A transparent break of the barrier for the LTC/USD pair would see consumers make a 26% transfer from present worth ranges.
That is an outlook that can seemingly buoy bulls and appeal to contemporary curiosity round $200, giving consumers the possibility to push previous $200 and even the 38.2% Fibonacci retracement degree of the swing from $301.79 to $104.07 at $226.26.
LTC/USD day by day chart. Supply: TradingView
On the draw back, Litecoin worth faces a possible dip beneath the 78.6% retracement degree at $146.39. Consumers will stay in management in the event that they maintain this degree and search contemporary floor. As seen on the chart above, the day by day RSI above 50 helps the possibilities of a right away bounce.
A downturn although will expose LTC to bearish circumstances recommended by the sloping 50 SMA curve at $133.83, with losses prone to convey the help line of $104.07 into play.