Sunday, 3 March 2024

Crypto News

Litecoin price targets $200 after its latest rally

Litecoin price targets $200 after its latest rally

The general cryptocurrency market is rallying again after stagnating for the past few days

The cryptocurrency market has resumed its rally after days of stalling, with Bitcoin crossing the $50,000 threshold once again. This performance has trickled down to the entire market, with Ether, Cardano, XRP, Binance Coin and several other leading cryptocurrencies all up by more than 5% in the past 24 hours.

Litecoin is also performing excellently after rising by more than 5% in the last 24 hours. LTC surpassed the 23.6% Fib level at $178 to break past the $180 resistance mark. Litecoin could look to test further resistance levels over the coming hours if the current market conditions persist. 

The short-term performance of the broader market is promising and market participants are still optimistic about the long-term projections.

Litecoin price outlook

The LTC/USD 4-hour chart currently has a bullish outlook thanks to its performance over the past few hours. After rising by more than 5% in the last 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 has managed to surpass yesterday’s high of $182 and looks set to extend its rally over the coming hours. If LTC continues on this current path, it could test the next major resistance level at $192 and aim for the pivot at $200. An extended rally from the broader cryptocurrency market could help LTC test the second major resistance around the $210 region. 

However, failure to maintain the current bullish momentum could see LTC fall towards its downward pivot at $177. This would bring the first major support level at $170 into play, which is also the cryptocurrency’s 100 simple moving average. Unless there is an extended period of sell-off in the market, Litecoin should comfortably defend the sub-$170 levels. Currently, Litecoin’s second major support level stands around the $163 region.

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