• If these levels are not breached, Litecoin will experience a 33 percent increase

  • Litecoin was traversing through some tricky waters after a breakout from a bullish pattern. A daily close above the confluence of the 50-SMA (yellow) and the $170 ceiling would allow for a retest of the formidable resistance close to $190.

    A return to $233 is possible if LTC is able to overcome its 200-SMA (green) with conviction.

    LTC was trading at $173 at the time of writing, up 4.7 percent in the previous 24 hours.

    The price of Litecoin has been rising as a result of an upward breakout from its parallel channel. The appearance of the ‘three white soldiers’ on the daily chart signaled a significant shift in market sentiment following the previous downtrend. Despite the fact that a period of consolidation appeared to be in effect, the bullish bias remained active as LTC tested its $170-resistance.

    According to the Visible Range, LTC will face a lot of selling pressure between $180-$190 in the near future. If buyers can get past these price barriers, LTC can easily break through to $233. The lack of strong price ceilings above $190 would benefit buyers, who would face little to no counter-opposition from the opposing end.

    From there, the focus would shift to $245 and $280, as long as the 200-SMA (green) does not obstruct LTC’s upward trajectory. If sellers do push back between $190 and $180, look for a retest of $140 and a possible double bottom formation.

    Reasoning

    The Relative Strength Index was trading above its midpoint. There appeared to be more room for expansion before entering overbought territory. However, until the Awesome Oscillator and MACD rise above their equilibrium levels, buyers should be wary of short-term obstacles.

    Conclusion

    A break above $170 would push LTC between the $180 and $190 resistance levels. Negotiating past a significant amount of selling pressure could push LTC all the way to $233.

    Overall, this represented a 33% increase over LTC’s press time level.

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