Litecoin (LTC)News

Litecoin Overcomes Vital Resistance Point With New Gains

Some experts spoke on the altcoin season while explaining that other scripts would benefit immensely during this period as new investors join the crypto space and record new highs. The prediction regarding that might be true as many investors now see other digital assets as notable investments alongside Bitcoin. Years ago, many buyers didn’t understand and knew digital assets.

With better information, holders now see other cryptos like Litecoin as an asset helping them grow their market cap at a gradual pace. Many people worry that the crypto investment might be a bubble, but many still put in millions of dollars to secure notable gains as the asset surges at different times. It’s safe to note that the digital asset space now attracts new holders as assets continue to grow in value.

Litecoin records a 4% increase

Litecoin, which has been struggling to record notable gains, surged by 4% recently to help it surpass a vital resistance point. The point prevented the asset from surging immensely even as other coins like Bitcoin and Ethereum gained notably.

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Litecoin has some vital resistance points around $270, $280, and $290, while its support holds around $195, $185, $175. The support level should hold the crypto when it attempts to take another significant level, and if it rejects, it will fall to its closest support which is around $195.

The rose gradually through the day, which shows some bullishness as it grows above the $230 level due to the recent gains. The asset should move above the current price soon, as it shows some uptrend coming in the nearest future. The asset is also trading above its 9-day and 21-day moving averages, which shows a growing bullish momentum, which might take the price to an all-time high.

Litecoin has also been quite impressive, as it stands to compete with Ethereum, even as the latter is far larger than it in terms of value. The cryptos current resistance is around $250, and it might overcome that within some days as the market bulls are pushing for more notable gains. The industry’s market structure allows significant gains with buyers dominating the sector since Bitcoin’s continuous impressive performances.

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LTC to remain bullish for the long-term

Charts show that the asset might remain bullish for long as the industry welcomes new and ready buyers willing to invest in the highly-volatile asset. The asset will have notable gains if it manages to break above the upper boundaries, taking the price to the nearest resistance around $270.

The uptrend could move long-term if the asset continues to break more significant resistance points as it plans to grow. Based on charts, the indicator is not within the overbought region, which leaves space for bears to enter the market and drag the price to its nearest support which is $195 and below.

Fortunately, the RSI(14) is still above the 70-level, which means that holders should expect more gains within a short time. The asset needs more support from the market bulls to pull it to a point where IG would hold greater support and hit more vital resistance.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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