Alongside other altcoins, Litecoin is currently relishing a significant bull run in the charts. The asset recently breached above the $200 mark and it is up by 78% in the month of February. At press time, Litecoin had a market cap of $15 billion with a 24-hour trading volume of $16 billion.
Litecoin 1-hour chart
There are a couple of situations that need to be taken into consideration for the trend going forward. At the moment, Litecoin is currently moving within the trendlines of an ascending channel. The price is keeping above the average line of the pattern, indicative of another break above immediate support at $230.
While the trend is overall bullish, a couple of situations may unfold in the charts. A bullish continuation may see the asset break above $230 over the next few hours, and re-trace from the pattern to test-weekly resistance at $237. However, a correction period is not out of the question for LTC and another retracement from $230, could cause another pullback to $215.
The market indicators highlight the indecisive nature of the trend. At press time, MACD is indicative of a bearish trend with the signal line hovering above the MACD line. The Stochastic RSI is appearing bullish and possibly on a path to recover from the oversold region, but the selling pressure may pull it under the 30-mark.
Lastly, the Relative Strength Index or RSI remains majorly bullish maintaining a position above the 50-mark, exhibiting a presence of strong buying pressure.
Important Resistance and Supports:
Resistance 1: $254
Resistance 2: $237
Support 1: $215
Support 2: $200
Support 3: $185
It is better to wait out the trend over the next 24-hours since the move forward is a little unclear. Litecoin has risen by 22% over the past day hence the rally may or may not continue in the same direction.
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