Litecoin Token Bulls Knocking Rejection Zone, What’s Next?

  • Litecoin token is heading towards the supply zone after a strong rally from the lower levels, and vital DMA lines are heading closer. 
  • The crypto asset is trying to move higher and is currently above its major moving averages of 20, 50, 100, and 200-day lines. 
  • The pair of LTC/BTC is trading at 0.00332 BTC with a 24-hour loss of -1.18%, and the ratio of LTC/ETH is CMP at 0.05053 ETH with a minor intraday dip of -0.70%. 

Litecoin token over the monthly chart is projecting a positive momentum from the lower levels, heading towards the supply zone. Volume over the monthly chart is significantly lower and needs a substantial increment in upcoming trading sessions. Presently, the token is moving towards the major rejection or supply zone, with gradual recovery from the lower levels. The digital asset is currently trading above its vital moving averages of 20, 50, 100, and 200-DMA lines, but the volume activity is lower.

The daily moving averages are present, meeting the point, and positive crossover will generate a strong move. Once the digital asset suppresses its supply zone, a positive, supportive volume action will boost more buyers in upcoming trading sessions. Support on the lower levels is placed at $160 and $140, while resistance on the higher levels is at $194 and $224. 

Litecoin token is trading on the bullish note under the rising channel pattern

Litecoin token a is trading on the bullish note under the rising channel pattern, with higher highs and lows. Volume over the chart is lower and needs to grow strongly for the continuation of the pattern. The technical parameters indicate a sideways trend, with no sign of a clear direction. LTC is trading at $181.05 with an intraday gain of +0.05%, and the volume to market cap ratio is 0.2826.  

Relative Strength Index (NEUTRAL): Litecoin token RSI is trading flat after testing the higher levels. The RSI is moving under the neutral zone with no sign of any clear trend and CMP at 57. 

Moving Average Convergence Divergence (MIXED): The daily chart indicates a mixed trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) and the seller’s line (red) overlap each other.      

Support levels: $160 and $140 

Resistance levels: $194 and $224. 

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