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Litecoin Price Prediction: LTC recovery moves eye $233.00 inside rising channel

  • LTC/USD bounces off three-day low inside a bullish chart pattern.
  • A confluence of channel’s support, 50-SMA tests short-term sellers, bulls aim for February’s high.

LTC/USD picks up bids near $218.00, up 1.82% intraday, during early Monday. In doing so, the cryptocurrency pair recovers from the lowest since Friday as RSI pullback from overbought territory catches a breather inside a three-week-old rising channel.

Given the pair’s rejection to the previous consolidation, inside a bullish chart pattern, LTC/USD eyes to revisit the $230.00 round-figure during the latest upside momentum.

However, the stated channel’s resistance line around $233.00, followed by February’s high near $247.00, will be tough nuts to crack for LTC/USD bulls.

Meanwhile, sellers will find it difficult unless breaking convergence of 50-SMA and the stated channel’s support line, around $203.00, a break of which can drag the quote towards an ascending trend line from late January, currently around $168.00.

If at all, LTC/USD sellers dominate past-$168, February’s bottom surrounding $153 will be the key.

Overall, LTC/USD remains in an upward trajectory with a bumpy road to the north.

LTC/USD four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price217.9022
Today Daily Change3.8972
Today Daily Change %1.82%
Today daily open214.005
 
Trends
Daily SMA20189.1202
Daily SMA50180.4222
Daily SMA100152.2396
Daily SMA200104.8313
 
Levels
Previous Daily High227.9324
Previous Daily Low213.9862
Previous Weekly High224.279
Previous Weekly Low180.0235
Previous Monthly High246.9216
Previous Monthly Low126.0637
Daily Fibonacci 38.2%219.3137
Daily Fibonacci 61.8%222.605
Daily Pivot Point S1209.35
Daily Pivot Point S2204.695
Daily Pivot Point S3195.4037
Daily Pivot Point R1223.2962
Daily Pivot Point R2232.5874
Daily Pivot Point R3237.2424

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

More from Anil Panchal
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