Things haven’t been good for Litecoin since last week after the coin missed its 2017 all-time high by six points. The coin reversed to levels as low as $250 before finding support above $270 early this week. Yesterday, LTC underwent a 4.49% price increase and hit $318. But the stay around there was short-lived following massive selling pressure that’s creating resistance at $298 and $315.
The Relative Strength Index (RSI) is trending across good territory at 43 signifying a looming uptrend. Litecoin’s current price is hovering around the $266 support and the MACD already marked a bullish crossover around this zone to prevent further losses. If the bulls are unable to remain intact and sustain the price above the On Balance Volume (OBV), a downside might pull the price downwards to the $243 support.
Litecoin price movement
Litecoin closed yesterday’s daily chart at $294 and kicked off today’s daily chart with a mixed performance. Starting the day well but hitting an intraday low of $258. In the early morning hours, the altcoin kept its distance away from the 38.2% Fibonacci retracement level, therefore giving the bulls strength to rally to an intraday high of $318. As a result, the bulls believe in the possibility of breaking out of three resistances that have been lagging the price downwards, $280, $298, and $315.
However, the coin is still facing surmountable selling pressure that’s already created a pullback below $288 and at the time of writing; LTC is trading at $262. A price level that the bulls are trying to level their strength and find support.
Besides, the bulls require more buyers to pump the price above $298 and activate the second major resistance. For this to occur, the broader crypto market needs to come into play and pull Litecoin upwards. A possible rally is going to extend a likely upside and could catapult LTC beyond last week’s high of $413.
The price is however lagging below $270 and a potential bearish curve is opening doors for a descending channel to $243. If the bulls can come in and save the situation, Litecoin could reclaim the $300 region in the near term and perhaps even stage a surge above $370.
Litecoin started 2021 at $132 and rallied to $200 by February. The coin is expected to undergo further gains in the year and set fresh all-time highs. This is a coin to watch out for.
