The crypto market is mostly bullish with BTC unflagging in its pursuit for upside gains past $38k. Litecoin has been trading in a range after hitting record highs of $186 on Jan. 10. The rise to January 2021 highs was met with declines beneath $112. LTC’s attempt to break out of the range as seen in a run-up to $166 on Jan. 19 fizzled out at $156 on Jan. 20. After confirming support at $141 on Feb. 4, a fresh increase started on LTC/USD to $156 intraday high on Friday. Litecoin is currently consolidating gains around $153, having gained 6.75% on the daily and 8.87% on the weekly. Ranking 8th largest, LTC’s market valuation stands at $10.3 billion with a 24-hour trading volume of $7.72 billion. Litecoin MimbleWimble privacy upgrade is set to roll in March. MimbleWimble (MW) lead developer, David Burkett, gave a progress update on the project while putting forward a release date of March 15 for community review. MimbleWimble is a blockchain design that allows for more privacy and better network scalability.
*A fresh increase started on LTC/USD to $156 intraday high
*Litecoin price is currently consolidating gains around $153, having gained 6.75% on the daily and 8.87% on the weekly
*David Burkett gave a progress update on MW while putting forward a release date of March 15
Key Levels
Resistance Levels: $186.00, $175.00, $166.00
Support Levels: $150.00, $140.00, $130.00
LTC/USD Daily ChartLTC/USD rose to intraday highs of $156 from an opening price of $145, however, the barrier at $160 keeps undermining bulls’ activity. A sustained breakout past $160 could see an LTC rally to $165 and then a January 2021 high of $186. A break above this resistance could resume the uptrend. On the contrary, if the price turns down due to the resistance at $160, it will point to a possible consolidation between $120 and $160.
If selling pressure mounts, LTC/USD could retest the $138 support at the daily MA 50. Once this caves in, the support at $128 may come to the bulls’ rescue. LTC bullish outlook will invalidate on a break beneath $120. Such a move will suggest a bearish comeback with a retest of the $118 mark and $111 likely.
LTC/USD 4-Hour ChartLitecoin price is consolidating gains above the MA 50 and 200 around the levels at $146 and $140 that acted as a cap for its upside action from mid-January. A barrier is formed near $158, whereby a successful break above this level might call for a push towards the $160 and $166 resistance level. On the downside, initial support is seen near the $150 level. The next major support could be in the range between $140 and $146 (MA 50 and 200).
Intermediate support lies at the $142 mark. A break below $140 due to immense selling pressure could invalidate the bullish outlook and open the Altcoin for a correction towards $120. The LTC/USD pair is only bullish while trading above the $140 mark, key resistance is found at the $160 and the $166 levels.
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