The Litecoin(LTC) worth shows V-top rejection following the $124 resistance pretend out on April fifth. The downfall registered a 15.5% loss and sank the coin worth again to $100 backside help. The sustained shopping for would enable consumers to push altcoin above the $141 resistance. zone
Key factors
- LTC chart gives a powerful accumulation zone at $100
- The 50-and-200 DMA is nearing a bullish breakout.
- The intraday buying and selling quantity within the Litecoin coin is $809.3 Million, indicating a 12% hike.
Supply- Tradingview
The failed makes an attempt from LTC consumers to maintain above the $103 resistance resulted in a resistance fakeout. This bear entice pressured liquidated aggressive consumers who purchased the $103 breakout. The sellers continued to pressurize the coin worth and dumped it to the $100 help zone. Since final quarter the LTC worth has bounced again from this help, suggesting a downtrend backside.
On April thirteenth, the altcoin rebounded from the underside help stage($100), initiating a brand new bull cycle. The restoration rally has surged 10%, charging straight to instant resistance at $120. Due to this fact, consumers supply a bullish breakout and sustainability above the overhead resistance; the coin worth will rise 16% to hit $141.
Alternatively, if the sellers pull the LTC worth again to $100 help, the crypto merchants can reaccumulate the coin with a cease loss at $89.6.
Technical indicator
Bollinger band- the indicator’s decrease band bolstered a bullish reversal from the $100 mark. Nevertheless, the indicator transferring sideways accentuates a short-term rise.
DMA- The declining SMAs (20, 50, 100, and 200) point out a bearish development for the LTC/USDT pair. Nevertheless, a attainable crossover between the 50 and 100 SMA might encourage extra consumers from merchants.
- Resistance level- $121 and $140
- Help levels- $100, and $90
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