Litecoin (LTC) price seeks breakout from consolidation near $200

LTC is dealing with drive close to $190 as bears glance to increase the breakdown underneath the 20-day exponential transferring moderate

Litecoin value continues to business close to $190 as bulls goal a breakout against $200 and a imaginable rally to some other multi-year top. The cryptocurrency regarded to have picked an uptrend on 28 and 29 March, however patrons may now not maintain the momentum above $200 as benefit reserving kicked in.

Whilst it seems like bears have plans heading into April, Litecoin’s value may take pleasure in the entire optimism available in the market. This outlook may make stronger if Bitcoin value manages to retest $60ok and rally upper.

The marketplace could also be prone to react definitely to PayPal’s announcement that its US consumers can now pay with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Money (BCH) at any of the traders that settle for cryptocurrency.

If the positive view holds and LTC/USD breaks above the mental $200 stage, a contemporary surge in the following couple of weeks may see bulls goal a brand new height.

As of writing, bulls face a struggle to stay costs above $190, with the cryptocurrency down 1.2% and a couple of.three% at the day and over the week, respectively.

Litecoin value marketplace outlook

Litecoin has traded inside a symmetrical triangle since breaking decrease from highs of $247 on 20 February. Bears controlled to ship costs underneath the decrease development 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.

These days, LTC/USD got here with reference to breaching the mental resistance as soon as once more, touching intraday highs of $199.

If bulls push upper and effectively settle above $200, a brand new leg up may see them goal $208. A bullish turn from this resistance line will spotlight a possible run to $247 after which multi-year highs above $250.

LTC/USD day-to-day chart. Supply: TradingView

At the problem, additional losses loom if bulls fail to get better and stay costs above the 20-day exponential transferring moderate ($191).

Whilst the MACD suggests a hidden bullish divergence, it stays throughout the unfavorable zone. The day-to-day RSI could also be underneath 50 to indicate bears nonetheless grasp the higher hand. This would jeopardise bulls’ restoration efforts, with speedy declines prone to pull LTC/USD against $177. The following fortify zone may well be at $152.

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