Litecoin eyeing $200 breakout

TL;DR Breakdown

  • Litecoin is currently trading around $193.
  • The asset has been on an upward trend in recent times.
  • We could witness LTC value surge past $200 soon.

Litecoin price moved up the charts by a mere 1.80% yesterday, continuing its upward movement that started two days ago where it finished at the market price of $179. As usual, it had a mixed-start that followed an early downslide slope to $171 before garnering strength and taking a rebound.

After steering-clear off its first-major-support of $167, LTC showed amazing strength as it rallied to an intraday-high of about $185. It further struck its first-major-resistance, crossing over the boundaries at $180.71 before meeting a short-term reverse.

Litecoin eyeing $200 breakout 1
Source: Tradingview

It faces a possible second-major-resistance at $185, however, its price has moved up to $197 just a few hours ago which amounts to a 7.14 percent increase in the last 24hours. It never stops steering-clear off its first-major-support at $167. As of the time of this writing, LTC has shredded some of its value by 1.25% as it is trading around $194. This is largely because the crypto asset witnessed a bearish-start that saw it fall from its earlier $197 high.

How will Litecoin perform today?

If LTC can garner support from markets it can maintain its current price level which is above $190 level. This would create a bar for its extended-crypto-rally, with its first-major-resistance to be around $195.

Another breakout should push Litecoin to start testing major-resistance at a whopping 23.6% FIB of $200. A second-major-resistance will settle at $193. But if it does fail to push itself up $193 pivot, then the first-major-support is bound to get activated at $187. 

Also, If Litecoin creates a bar of extended sell-off, it could drop to the sub-$180 levels with a second-major-support settling at $182. Downsides will only be limited with a 38.2% FIB if $181.

What to watch out for?

First-Major-Support: $172

Pivot: $179

First-Major-Resistance: $186

23.6% FIB Retracement: $195

38.2% FIB Retracement: $163

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