The cryptocurrency market has been rallying over the weekend, and Litecoin’s worth surge may see it attain $150 quickly
The cryptocurrency market recorded a optimistic weekend, with a number of cryptocurrencies rallying. Bitcoin lastly surpassed the $35k resistant stage and is now buying and selling simply above $38k. Ether can be nicely above $2k and is heading in direction of the $2,500 resistance level.
Litecoin wasn’t neglected, with the cryptocurrency’s worth rising by 9% over the previous 24 hours. After reaching $130, the rally may proceed, and the cryptocurrency’s worth may attain $150 for the primary time since 21 June.
LTC worth outlook
The LTC/USD 4-hour chart is wanting very bullish in the intervening time, because of an prolonged rally from the broader cryptocurrency market. LTC is now nicely above its 100 easy transferring common (SMA) on the 4-hour chart at $124, offering particularly sturdy help round that area.
The transferring common convergence divergence (MACD) line is nicely into the bullish territory, an indication that the rally would possibly proceed if the market circumstances maintain. Litecoin’s relative power index (RSI) can be within the overbought area, the primary time it has entered this area for a couple of month.
LTC/USD 4-hour chart. Supply: Coinalyze
LTC is at the moment buying and selling at $137 per coin. If the present rally continues, Litecoin may quickly surpass the $144 resistance level and head in direction of $150. An prolonged market rally may see the LTC/USD pair try to succeed in the $170 over the following few hours or days. Nonetheless, the prolonged rally depends on the efficiency of the broader cryptocurrency market.
Within the occasion that the bears regain management of the market, Litecoin may lose its minor help on the $130 stage. An extra decline beneath $120 may then be anticipated. Nonetheless, the help stage at $108 ought to restrict any downward motion that might see Litecoin slip beneath the $100 mark.