Litecoin has been able to amass a decent reward in the last few days, with the digital asset accumulating profits to reach its latest $200 figure. Presently, the coin is still trying to recover all the profits that it shed some weeks back as the crypto market saw red. With the bulls already in the market, the market is primed to touch its next resistance figure of $210.
This means that the outlook on the long term of the digital asset is still bullish. With the digital asset coming up gradually from a loss of its past few weeks, the digital asset is presently trading above the upper channel. It is now firmly on top of both moving averages.
Litecoin primed to surge in the coming days
If Litecoin continues to trade in this manner, it could be on its way to reaching the $225 resistance level. If the bulls continue to enjoy their presence in the market, it could touch the second resistance level of $235 and the third level of $245 in the process. Despite the digital asset moving close to the upper boundary of the channel, if the bears enter the market, the market could trade below the moving channel. If this happens, then the first support zone could be a move to touch the $180.
The market is presently trading around the 55 level of the Relative Strength Index; a movement below the line would see the asset touch the first support level at $170. If the bears gain good and establish their presence in the market, the asset could go on to touch its other supports at $160 and $150 to close in on the lower movement.
Compared with the leading digital asset, Bitcoin, Litecoin is presently moving in a sideways manner as it is presently below the 9 and 21 day moving averages. It is yet to have a defined movement pattern against Bitcoin; the market has shown much of bearish than bullish in the last few weeks.
As the market continues to move below the 40 level of the market, a movement sideways would trigger a break below the market would see a decline to touch the 3200 Satoshi level. This would create a new low for Litecoin against Bitcoin. If the asset chooses to move in a bullish manner, it could go all the way to creating a 4000 Satoshi level.