Litecoin could head towards the $200 level
The cryptocurrency market has performed well over the past few hours, with the prices of most coins up by more than 1%.
The broader cryptocurrency market recorded gains over the past few hours, with BTC and others all rallying. BTC didn’t perform excellently as it is only up by 0.76% in the last 24 hours. Bitcoin continues to struggle below the $62k level.
Ether had found it hard to break past the $4,300 psychological level. ETH surged by 1.84% in the last 24 hours and is trading around $4,200 per coin when writing the report. Binance Coin (BNB), Cardano (ADA), Solana (SOL), Polkadot (DOT), XRP and Dogecoin (DOGE) are all trading in the green zone at the moment.
Litecoin isn’t left behind despite losing its market position to other cryptocurrencies in recent months. LTC is up by 0.94% over the past 24 hours and looks set to maintain the momentum in the coming days.
Litecoin price outlook
The LTC/USD 4-hour chart is in the bullish zone following Litecoin’s excellent performance in recent days. Litecoin’s MACD line is in the positive zone, while its relative strength index of 52 shows it is edging closer towards the overbought region.
For the day ahead, Litecoin needs to steer clear of the $194 pivot if it wants to stand a chance of reaching the first major resistance level at $199. At the time of writing, Litecoin is trading at $194 per coin.
Support from the other leading cryptocurrencies would be required for Litecoin to surpass Monday’s high of $197. In the event of a breakout, Litecoin could look to test the $205 resistance level before any pullback. Litecoin’s second major resistance point stands at $202, and it could cap further upward movement in the short term.
However, a decline below the $194 pivot level exposes Litecoin to dropping to the $191 major support level. Unless the bearish sentiment in the market grows stronger, Litecoin should steer clear of the sub-$185 level over the next few hours.