Litecoin Price Could Rally to Clear 2017 Levels

  • Litecoin price rally adds up around +27% in the weekly gains and now reaches towards the final supply zone of $350-$375
  • Presently Litecoin is near the supply zone or resistance zone of highs of the year 2017 and is successfully placed above all moving averages (MA) 
  • The pair of LTC/BTC is also gaining around +8.75% and is trading at levels of 0.006271 BTC
Source:tradingview

Litecoin price at the yearly chart is now reaching towards the final supply zone or very critical zone. In contrast, the coins add nearly +27% in the weekly gains and with a good volume action. However, the coin is placed above all significant and essential moving averages (MA) of 20, 50, 100, and 200-Day.

Since significant thing to watch is the $350 and $375 if LTC ables to clear highs of the year 2017. So, we can expect levels of $420 to $490 in the very short term time frame. Support on lower levels is placed at $240 and $200, whereas resistance is $350 and $375. However, a short-term correction is required, healthier for further bullish momentum.   

Litecoin Looks Overbought at Daily Chart

Source:tradingview
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Litecoin price over the monthly chart indicates a clear uptrend, creating higher highs and lower low patterns. Moreover, the volume over the daily chart is still near the average line, and it requires more traction. Meanwhile, LTC is placed above all EMA of 20, 50, 100, and 200-Day over the monthly chart. For intraday, it looks over-bought, and one can buy in dips. Support for shorter-term is $270 and $220, while resistance is $355 and $375.

At the time of writing LTC is trading at $348 with an intraday increment of +9.04%. Similarly, the volume also up by +53% standing at $13,795,196,268, and market capitalization at $23,322,366,517 stands at 9th rank. 

Support levels: $240 and $200,  

Resistance levels: $350 and $375 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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