• Litecoin price gains 15.77% for the best daily gain since January 3.
  • Daily Relative Strength Index (RSI) not showing a bearish momentum divergence.
  • Swiss SIX exchange-traded product, LITE, increases spotlight on LTC.

Litecoin price successfully broke out from a symmetrical triangle pattern on April 5 with a 9.5% gain. It printed a new rally high today at $262.98, just short of the 61.8% Fibonacci retracement of the 2017-2018 bear market at $268.06. The bullish LTC thesis sees higher levels moving forward.

Litecoin price faces limited resistance based on IOMAP figures  

The successful retest of the triangle breakout on April 7 was a clear signal to speculators that LTC was primed to test the 2021 high at $247.00. Yesterday’s daily close above the February high was a new signal to speculators that LTC’s 2021 rally was set to continue.

The IntoTheBlock In/Out of the Money Around Price (IOMAP) data exposes almost no resistance between $249.73 and $287.07, projecting a test of the symmetrical triangle measured move target of $292.20. Conversely, there is a significant source of support between $227.39 and $234.72, where 69.91k addresses bought 4.17 million LTC.

ETH IOMAP chart

ETH IOMAP chart

In an FXStreet article on April 1, it was projected that LTC was ready for a 40% gain from the symmetrical triangle breakout level, and that outlook remains the thesis today.

Some resistance may occur at the 61.8% retracement of the 2017-2018 bear market at $268.06, but IOMAP data indicate that the opposition will be short-lived. Instead, the current bullish outlook targets $292.20 as a valid profit target, a gain of 38%. There is a chance that the rally will reach the 78.6% retracement at $334.88 if volume underpins the rally.

LTC/USD daily chart

LTC/USD daily chart

Yes, the technicals and the data paint a bullish picture, but things could change very quickly, maybe sparked by a general sell-off in the cryptocurrency complex. If that occurs, downside targets are the 21-day simple moving average (SMA) and the 50-day SMA at $204.77 and 198.45, respectively.

Speculators should mark the convergence of the triangle’s lower trend line at $181.90 and the 100-day SMA at $180.61 as the next level of support.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

Since XRPArmy and lawyers in the crypto ecosystem consider the US Securities & and Exchange Commission’s (SEC) move to pull documents out of public view as evidence that the case is coming to a close, a Ripple win appears more likely.

More Ripple news

Bitcoin Weekly Forecast: BTC must hold $45K to target new all-time highs

Bitcoin price is on a rollercoaster ride as it crashed violently on September 7, consolidated for a few days after that and went on an uptrend to undo the losses. Over the past 24 hours, however, BTC seems to be consolidating for a volatile move without a clear directional bias.

More Bitcoin News

Chiliz price to retrace before CHZ runs up

Chiliz price is stuck in a tight consolidation above a crucial support floor and shows no signs of recovering from this slump. In fact, CHZ might retrace lower before heading on an uptrend.

More Chiliz News

ICX Price Prediction: ICON prepares for 20% descent as bulls fade away

ICON price looks ready for a swift downswing after an explosive run over the past ten days. The crypto markets’ slowdown after the recent run-up makes this bearish scenario a perfect fit. Going forward, investors can expect ICX to head lower and retest stable support barriers.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP