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LTC Continues Its Ascent Towards $150

2 mins
Updated by Ryan Smith
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In Brief

  • LTC is facing long-term resistance at $149 and $187.
  • Technical indicators are bullish across all time-frames.
  • LTC/BTC has broken out from a descending resistance line.
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The Litecoin (LTC) price has been increasing at an accelerated rate over the past two weeks and is currently approaching the $149 resistance area.

It should reach this area and possibly break out.

LTC Long-Term Levels

The weekly chart shows that LTC has been moving upwards since the beginning of March. It’s approaching the $149 resistance area, which is the 0.382 Fib retracement level of the entire previous downward move and coincides with the June 2019 highs.

If it breaks out successfully, the next resistance area would be at $187.

Technical indicators are bullish, supporting the possibility that it will rally at least to the $149 resistance area and possibly break out.

Long-Term Levels
Chart By TradingView

Future Movement

The daily chart also supports the possibility that it will increase at least to the $149 resistance area.

Despite a still unconfirmed bearish divergence in the RSI, both the MACD and Stochastic Oscillator are moving upwards, showing no signs of weakness whatsoever.

Daily Movement
Chart By TradingView

The shorter-term two-hour chart shows that LTC has already broken out from a descending resistance line and has moved upwards at an accelerated rate.

Similar to the weekly and daily time-frames, technical indicators are bullish. Therefore, LTC is likely to continue increasing towards $149 and possibly $187.

A decline below the $100 support area would invalidate this possibility.

LTC Short-Term Breakout
LTC Chart By TradingView

LTC/BTC

Cryptocurrency trader @damskotrades outlined an LTC/BTC chart, stating that it has fallen back to the range low. He expects a significant upward move.

Litecoin/BTC
Source: Twitter

The weekly LTC/BTC chart looks quite bullish.

First, LTC has broken out from a descending resistance line that had previously been in place since the beginning of the year. Also, there is significant bullish divergence in both the MACD and the RSI, the latter having just crossed above 50. Finally, the Stochastic Oscillator has just made a bullish cross.

Therefore, LTC should continue increasing towards ₿0.0095 and possibly ₿0.011

LTC Breakout
Chart By TradingView

Conclusion

To conclude, the LTC/USD pair is likely to continue increasing towards $149 and possibly $187.

On the other hand, LTC/BTC looks macro bullish and should slowly move towards ₿0.0095 and possibly ₿0.011

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

 
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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