The Altcoin market witnessed profit-taking in the early hours of the day while BTC rode on to highs near $57k. Litecoin bounced off from March 5 lows of $169 and proceeded to rally to $208 before the uptrend lost steam. After four straight days of bullish action, the recent rejection at $208 gives bears leeway to launch an assault on lower support levels. While LTC/USD bulls fight to reclaim upside move past $200, Litecoin seems to have found support at $190. At the time of writing, Litecoin is consolidating gains at $198, up by 6.27% weekly. Ranking 9th largest, LTC’s market valuation stands at $13.1 billion with a 24-hour trading volume of $5.56 billion. MW core developer David Burkett has stated that the code for Litecoin’s MimbleWimble upgrade will be ready by March 15th. MimbleWimble has been running on the Testnet for 3 months. On the set date, the code to the MWEB protocol will be ready for final review and formal auditing.
*The recent rejection at $208 gives bears leeway to launch an assault on lower support levels
*Litecoin is consolidating gains at $198, up by 6.27% weekly
*Code for Litecoin’s MimbleWimble upgrade will be ready by March 15th
Key Levels
Resistance Levels: $260, $247.00, $230.00
Support Levels: $190.00, $175.00, $153.00
LTC/USD Daily ChartLitecoin rebounded from the daily MA 50 on Mar. 5 and climbed to highs of $208. A downside break ensued to lows of $191 where the bulls stepped in. A further retest of lows at $191 on March 11th confirms support at this key level. The upsloping moving averages and the RSI in positive territory suggest an advantage to the bulls. A sustained breach past the barrier at $208 can cause LTC price to rally to $227 and then to the yearly high at $247.
On the other hand, the bears are unlikely to throw in the towel soon, If the price turns down from current levels, the MA 50 at $175 will act as a cap for further downside risk. A sustained break below this level will deepen the correction. In this case, Litecoin will be forced to revisit support at $153.
LTC/USD 4-Hour ChartLitecoin is presently consolidating above the 4 hour MA 200 support at $191. The RSI indicator on the 4-hour chart is above midline implying a rather indecisive market for now. Should the LTC/USD pair find fresh buying orders, a breakout past $208 may be on the cards. Litecoin may then aim for $223 which capped the pair’s ascent on the 22nd Feb. On an ultimate bullish scenario, Litecoin may ultimately target the yearly high at $247.
On the flip side, Litecoin sits on top of a robust support range between $188 and $192 which coincides with the MA 50 and 200 respectively. On the off chance, further selling interest is displayed, Litecoin may revisit support at $153. The LTC/USD pair is only bullish while trading above the $190 mark, key resistance is found at the $208 and the $220 levels.
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