Litecoin recently touched the $120 price mark before going on to regress and make a sharp decline below the support zone. With the surge in the market, the coin has been able to leave its previous region of around $160 to trade well above $210. Litecoin has been able to find support below the 14-day trend line from the technical angle as the drop in the crypto space is evident in its price moves. Despite that, the market has been able to keep its bullish outlook in the last few days, evident by the touching of the new price of recent.
Litecoin predicted to reach $280
The 14-day moving average is presently above the 50-day moving average, with just a little line separating both lines. Presently, both entities are under the trading spot in the market, with its Stochastic level still in its overbought zone. The asset has also begun to consolidate for the time being. With the asset’s price expected to push in the northern region close to $240, they are expected to face stiff resistance as the market sparks another rise.
If this happens, then the digital asset could grow to sell around $280 and see a sharp decline to create a low above the previous price before the surge. If it goes downward, the bulls would have to be wary of the candlesticks below the sell zone should the asset recovery price. This is always the movement when the asset hits an upward move. A move above may be triggered after it touches the resistance level of $240.
Litecoin to break above the pressure zone
The fears in the market are now that the digital asset is on its way to move out of the pressure zone formed from other digital assets. This has been so for a couple of days now, and the asset has always ended each trading session the same way. Litecoin is presently trying to push forward from a recent dump in its price, pushing it slightly down its trading line. With the asset expected to surge above its 14 moving average, it is on its way to move past the recent dump. As it stands, the 50 moving average is just a little bit above the smaller oscillator, with the 40 level earmarked as the close level of the upward move.