- Litecoin price gains 15.77% for the most effective every day acquire since January 3.
- Each day Relative Power Index (RSI) not displaying 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% acquire. It printed a brand new rally excessive at this time at $262.98, simply in need of the 61.8% Fibonacci retracement of the 2017-2018 bear market at $268.06. The bullish LTC thesis sees greater ranges transferring 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 every 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 Value (IOMAP) information 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% acquire from the symmetrical triangle breakout degree, and that outlook stays the thesis at this time.
Some resistance could happen on the 61.8% retracement of the 2017-2018 bear market at $268.06, however IOMAP information point out that the opposition will likely be short-lived. As an alternative, the present bullish outlook targets $292.20 as a sound revenue goal, a acquire 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 every day chart
Sure, the technicals and the info paint a bullish image, however issues might change in a short time, possibly sparked by a common sell-off within the cryptocurrency advanced. If that happens, draw back targets are the 21-day easy transferring 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.