(DAILY NOTION): LTC/USD: Bulls to Overcome Resistance Levels Standing in The Way

Just when all hope seemed lost for the LTC/USD bulls, it emerged from a low of $180.07 to rise upwards again. At the time of writing, LTC/USD has managed to move above its 50-day Simple Moving Average (SMA) and presently stands at $191.72.

The Relative Strength Index (RSI) has dipped from an overbought condition of 84 to 64, while the Moving Average Convergence Divergence (MACD) is pointing towards a bullish trend.

Can the bulls continue to hold on to the reins and what hurdles must they overcome next?

Source: Yahoo Finance

Anil Panchal from FX Street believes that if the bulls managed to ascent above $191, the $223 level is possible. However, for this mission to be successful, resistances between $183 and $189 must be conquered. Meanwhile, if the bears show up in strength to break through $180, it will open the way towards $150. Panchal also reported a new whale holding 1,000,000 to 10,000,000 LTC who recently joined the network over the last couple of days.

At the time of writing, Litecoin holds a total market cap of $12.9 billion, of the total global cryptocurrency market cap of $1.65 trillion, via data from Coin Market Cap. The total market capitalisation has recorded a 10.6% increase from Mar 1.

The performance of BTC/USD and LTC/USD over the past five days.

Source: Yahoo Finance

An interesting point to note is how LTC/USD has been tracking the performance of the flagship cryptocurrency, BTC/USD, which is represented by the yellow line in the chart above, over the past five days. However, it is wise for traders to bear in mind the trusted investment principle that the past performance is not indicative of future results.

The Litecoin bulls would need to overcome the hurdles in their way to mark their stay for good or risk losing the battle to the bears. Let’s keep an eye on how the fight will progress over these next few days.

LTC/USD (as of Mar 9, 2021, 9.30 a.m., GMT +8) - $191.72