- Litecoin price gains 15.77% for one of the best each day achieve since January 3.
- Every day Relative Energy Index (RSI) not exhibiting a bearish momentum divergence.
- Swiss SIX exchange-traded product, LITE, will increase highlight on LTC.
Litecoin price efficiently broke out from a symmetrical triangle sample on April 5 with a 9.5% achieve. It printed a brand new rally excessive right this moment at $262.98, simply wanting the 61.8% Fibonacci retracement of the 2017-2018 bear market at $268.06. The bullish LTC thesis sees greater ranges shifting ahead.
Litecoin value faces restricted resistance primarily based on IOMAP figures
The profitable retest of the triangle breakout on April 7 was a transparent sign to speculators that LTC was primed to check the 2021 excessive at $247.00. Yesterday’s each day shut above the February excessive was a brand new sign to speculators that LTC’s 2021 rally was set to proceed.
The IntoTheBlock In/Out of the Cash Round Worth (IOMAP) knowledge exposes nearly no resistance between $249.73 and $287.07, projecting a take a look at of the symmetrical triangle measured move target of $292.20. Conversely, there’s a vital supply of assist between $227.39 and $234.72, the place 69.91k addresses purchased 4.17 million LTC.
ETH IOMAP chart
In an FXStreet article on April 1, it was projected that LTC was prepared for a 40% achieve from the symmetrical triangle breakout degree, and that outlook stays the thesis right this moment.
Some resistance could happen on the 61.8% retracement of the 2017-2018 bear market at $268.06, however IOMAP knowledge point out that the opposition might be short-lived. As an alternative, the present bullish outlook targets $292.20 as a legitimate revenue goal, a achieve of 38%. There’s a probability that the rally will attain the 78.6% retracement at $334.88 if quantity underpins the rally.
LTC/USD each day chart
Sure, the technicals and the information paint a bullish image, however issues might change in a short time, perhaps sparked by a normal sell-off within the cryptocurrency advanced. If that happens, draw back targets are the 21-day easy shifting common (SMA) and the 50-day SMA at $204.77 and 198.45, respectively.
Speculators ought to mark the convergence of the triangle’s decrease development line at $181.90 and the 100-day SMA at $180.61 as the following degree of assist.