The general cryptocurrency market is recovering from being stagnant for the past few days
The cryptocurrency market has resumed its rally after days of stagnation, with Bitcoin once again crossing the $ 50,000 mark. That performance has had an impact across the market, with Ether, Cardano, XRP, Binance Coin, and several other leading cryptocurrencies rising more than 5% in the past 24 hours.
Litecoin is also doing great after rising more than 5% in the past 24 hours. LTC beat 23.6% Fib level at $ 178 to break the $ 180 resistance level. Litecoin could look to test more resistance levels in the coming hours if current market conditions persist.
The short-term performance of the broader market is encouraging and market participants remain optimistic about the long-term projections.
Litecoin price outlook
The LTC / USD 4-hour chart currently has a bullish outlook based on its performance over the past few hours. After rising more than 5% in the past 24 hours, Litecoin’s RSI is currently above 60 while its MACD line has crossed the divide and is currently in the bullish zone.
LTC / USD 4 hour chart. Source: TradingView
Litecoin managed to beat yesterday’s high of $ 182 and is expected to continue its rally in the coming hours. If LTC continues on this current course, it could test the next major resistance level at $ 192 and target the pivot at $ 200. An extended rally in the broader cryptocurrency market could help LTC test the second major resistance around the $ 210 region.
However, if it fails to maintain current bullish momentum, LTC could slide towards its downward swing at USD 177. This would bring into play the first major support level at $ 170, which is also the cryptocurrency’s 100 simple moving average. Unless there is a prolonged sell-off in the market, Litecoin should comfortably defend below $ 170 levels. Currently, Litecoin’s second major support level is in the USD 163 area.
Check out our page on how to buy Litecoin here