Litecoin Eyes for a Strong Rally; LTC May Soon Hit $165

Litecoin has been moving in a sideways pattern in between the price range of $165 to $105 for the past two months. The coin was at its high of $302 on the last November 10, after which it fell constantly and reached its support zone. The LTC coin has marked an almost 190% slump and has recently begun to uplift from the bottom horizontal line after suppressing the downtrend. The price of Litecoin got tested at the support line but failed to decline further and took a turnaround. On February 08, there was a plunge in its volume, but the price couldn’t close below the low of the previous day candle, which can be an indication of bullish momentum.

On the daily time frame chart, the MACD indicator shows bullish momentum, and the RSI being 61 is heading towards the overbought zone. The LTC price may reach the top horizontal line of $165 in the upcoming days as the coin is up trending.

On the weekly time frame chart, Litecoin price rises from the vigorous support zone, and after the price gets rejected at the support line with the formation of swing lows, the bullish candles were formed. In the previous week, the bulls earned a return of 20% and are expected to reach their resistance. If the LTC coin closes above the resistance, it may reach its highs in the long run.

In the current scenario, the investors can wait for the price to close above the swing high of $143.04 as the middle horizontal line was also strong support in the past, and the price has ascended from there twice. If the price doesn’t close above $143.04, it may turn back towards the bottom horizontal line, in the bearish zone. The price is currently revolving at the bottom support line from where it may ascend or descend, the price closing above or below the swing high.