- Litecoin value appears to have hit a robust resistance stage.
- The digital asset could possibly be poised for a short-term correction though it has numerous assist beneath.
Litecoin hit a excessive of $185 on January 10 and has been consolidating since then. The digital asset hasn’t actually benefited from Ethereum’s breakout prior to now few days and continues slowly climbing in the direction of the final excessive.
Litecoin value faces short-term strain
On the 4-hour chart, the TD Sequential indicator has simply offered a promote sign which prior to now has been fairly dependable. The decision has already some bearish continuation and will drop Litecoin value in the direction of the 100-SMA at $154 or the 50-SMA at $144.
LTC/USD 4-hour chart
Nonetheless, the In/Out of the Cash Round Worth (IOMAP) chart exhibits sturdy assist beneath $158 and two essential assist areas between $144 and $149 and one other between $139 and $144 which coincide with the bearish value targets talked about above.
LTC IOMAP chart
On the best way up, Litecoin value faces virtually no resistance when in comparison with the assist beneath with essentially the most vital vary between $172 and $177.
The confluence detector exhibits a stiff resistance stage at $157 which is the 61.8% Fibonacci stage on the weekly chart. Along with this level, the Pivot Level 1 Day R1 at $158 might additionally pose some hassle for the bulls.
On the best way down we discover little or no assist near the present value. The $157.1 stage the place the 100-SMA on the 15-minutes chart and the earlier low on the 4-hour chart converge is essentially the most vital assist level.