At this time, Litecoin is presently trading close to both of its moving averages inside the upper level of the channel. With the coin still showing bullish signs, the traders would need to lend their support to the asset for it to continue moving in an upward trajectory.
The digital asset was in its element earlier today as it touched a region close to $204.89 before finally seeing a slight price correction to trade at $204.29. With the digital asset still trading well above the $204 level, a breach past the resistance level at $205 will see the bulls dominate the market.
The digital asset has an encouraging on-chain analysis
At the moment, everything points to a bullish outlook as buyers are pulling all their efforts behind the digital asset at the moment. In the next few days, the digital asset would be able to keep that momentum provided everything goes right for the asset. If the asset continues in this move and trades above the $200 mark, it could go way up to touch the $225 resistance level.
While this level is not a serious one, the digital asset would be hoping that the bulls move in its favor to push the market further ahead at $235 before going on to stake a claim for the $240 resistance level. If the asset is rid of the bulls and the bears make an entrance, it would experience a sharp drop that would see it trade at the previous support level.
If the bears find a way to enter the market, it could go as low as $175. A further movement down the support level would place the asset close to the $165 and $155 support levels. Also, the digital asset’s RSI is going towards the bulls region, with a move above 60 level still in the works.
Compared to Bitcoin, the digital asset has moved ahead of the previous resistance level to exchange hands at a whopping price of 3455 Satoshi. Meanwhile, analysts expect that the resistance level is something that would be triggered in a bit to make a move at the top. Meanwhile, if the asset trades in the lower boundary of the channel, the asset would be looking at the 3300 support level.
If it eventually falls further, it could push the asset to move close to the 3200 and 3100 Satoshi region. After that region, traders would be expected to push the market to touch the 3800 resistance level as the RSI is also in favor of the digital asset moving above.