Yesterday, the price of Litecoin (LTC) fell after hitting resistance at $182.10 USD. However, at approximately $172.80, the cryptocurrency sparked some purchase orders and returned to trade momentarily above the $182.10 level.
However, it is now back underneath it. Overall, the cryptocurrency is still making higher highs and lower lows above the upward support line drawn from the low of September 29th, therefore we’ll call the short-term outlook favorable.
Another effort over $182.10 might inspire investors to drive the price up to about $194.70 USD, which was high on September 16th. After testing that zone, they may opt to take a break, allowing them to retreat.
7 Day Litecoin Trading Price – Source: CoinMarketCap
However, as long as the retreat remains contained above the aforementioned upside line, we should have a good probability of seeing another move north.
This time, the bulls may break through the $194.70 barriers, a move that might lead to bigger extensions, possibly towards the September 6th inside swing low of $214.20.
The RSI is just below 70 and has recently turned up, while the MACD is slightly above both its zero and trigger lines, according to our short-term oscillators. Both indications show signs of upward momentum, suggesting that this cryptocurrency will continue to rise.
We’d want to see a fall below $163.30 to abandon the upside scenario and start looking at whether the bears have reclaimed the upper hand. This may confirm the break below the previously mentioned upside line, with a first target of the $154.25 low from October 4th.
A break below $154.25 may lead to expansions to the $142.53 level, which corresponds to the October 1st low, or the $139.40 zone, which corresponds to the September 29th low.