The Litecoin market has been seeing vital progress in worth for the reason that starting of the yr. On the time of writing, LTC was returning 93% year-to-date to its buyers.
LTC was being traded at $257.39 with a market capitalization of $17.22 billion. The digital asset simply noticed a bullish breakout, nonetheless, will it be capable of preserve this excessive worth going ahead out there?
Litecoin 1-day chart
The Litecoin worth was constructing larger inside an ascending channel and witnessed a robust surge as the value broke out of the channel. LTC noticed the value surge from $163 to $258 inside 16 days and turned the prevalent bearishness right into a bullish market.
Nonetheless, LTC has been carefully buying and selling to the resistance at $258 and if it rejects this worth degree, the worth might commerce decrease.
The surge within the worth of the digital asset has resulted in elevated volatility out there. The divergence of Bollinger Bands has been an indicator of the rise in volatility, whereas, the sign line moved below the candlesticks. The sign line will probably be appearing as a assist if the value pushes decrease.
In the meantime, the relative energy index was noting that the digital asset was near changing into overbought as its worth hit 68. The market has been witnessing promoting strain evolve at this stage and if it escalates, the RSI will probably be pushed in the direction of the equilibrium zone.
Whereas the market switches tendencies, the momentum has remained excessive owing to the latest surge. The bullish momentum may assist the asset to keep up its excessive worth, however the rise in promoting strain may lead to a correction.
Take Revenue: $191.84
Danger to Reward: 1.76
The present Litecoin market has been pretty bullish. Nonetheless, a rising sell-off may push the value of the digital asset decrease below $200. With 50 transferring common and the sign line extending assist near $200, the value might not drop past this level.
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