A break above the $147 resistance area sees Litecoin rising back to $150.
- LTC price could be heading back to $150 very soon
- A break above the $147 resistance area could send the coin back to $150
- A major bullish trend was created from the $122.50 support level earlier today
Litecoin — On An Upward Trend
After diving to as low as $106.94 earlier today, LTC bounced back and held a support level at $122.50 for a brief moment. The coin then took off from there on a major bullish trend, testing several resistance levels and hit a daily high of $146.11.
For now, there exists a short-term range of $140 to $145 that LTC is trading in. A new resistance point that investors should monitor is at $147. This is a level that if broken through could send the coin back to $150 and even beyond.
However, the MACD indicator implies that this bullish trend may slow or stop at around $142, as the MACD line is closing toward the zero line and could drop further. It is likely that most of the gains in the short term will occur between the $140 to $145 range unless the resistance level materializes.
Looking at the Technical Indicators:
- MACD — the MACD indicator is showing that the bullish trend may be losing its momentum
- Volume — volume has generally been volatile, but large spikes in trading volume resulted in LTC going up on several occasions
- Major Resistance Level — $147
- Major Support Level — $136
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