Litecoin Accelerates the Upward Trend to $160
Litecoin supports a recovery to $ 150, but bulls are keeping an eye on $ 160. The merge detection tool does not find any serious obstacles to this.
LTC fights resistance and is ready for a breakout
Litecoin has increased by more than 10% up to $ 150. The bullish move came after LTC / USD fell to $ 110 on Monday. The recovery has been gradual but steady. The asset must close the day above $ 150 to confirm the uptrend at $ 160.
The $ 9.9 billion coin is fighting an uphill battle at the 50% Fibonacci retracement level taken between the last drop from $ 185 to a low of $ 110. LTC must eliminate the seller’s congestion at this level in order to move higher.
Slightly below the current price level, Litecoin is supported by a simple moving average of 50. Therefore, this support needs to be protected to avoid a correction to $ 140 (38.2% on the Fibonacci scale).
Moving average convergence divergence or MACD adds confidence to an optimistic outlook. This technical indicator follows the trend path and calculates its momentum.
The MACD appears to be turning bullish, with a similar move ahead of a breakout in December. When the 12-day exponential moving average crossed the 26-day exponential moving average, the chances of bullish momentum appearing increased significantly.
The merge tool shows that Litecoin has no major hurdles when it moves higher. However, buyers should make sure that they are held at the crucial $ 150 level, as indicated by the upper boundary of the hourly Bollinger band.
On the other hand, Litecoin has solid support levels: $ 149.7 and $ 148.7. The 4-hour previous high defines the first support, while the second, which is also the strongest, is highlighted by the one-day previous high.
Bullish prospects will be sabotaged by bears if Litecoin closes the day below $ 150. Moreover, if the support at this level does not hold, there may be huge losses up to $ 140.
At the moment, the value of the asset is $ 148.