Litecoin (LTC) Pushes on the Upside but Unable to Breach $335 Resistance

Litecoin (LTC) Pushes on the Upside but Unable to Breach $335 Resistance

Key Highlights
Litecoin faces rejection from the high of $300
Litecoin (LTC) has a target price of $604

Litecoin (LTC) Current Statistics

The current price:$277.79
Market Capitalization:$23,412,773,647
Trading Volume:$5,981,847,650
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 4, 2021
Litecoin is in an upward move. The crypto is retracing after reaching the high of $300 high. In the first uptrend on April 17, the market reached a high of $335 and resumed the recent downtrend. The downtrend extended to the low of $207 as bulls bought the dips. On April 17 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Litecoin is likely to rise to level 2.618 Fibonacci extension or the high of $604.24.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 59 of the Relative Strength Index period 14. This implies that the crypto is in an uptrend zone and above the centerline 50. The moving averages are sloping upward indicating the uptrend. The crypto’s price is above the SMAs which suggests that the coin will rise.

LTC/USD – 4 Hour Chart

Conclusion
On the 4 –hour chart, Litecoin is in an upward move. the coin is falling after rejection from the high of $300. Meanwhile, on May 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.0 Fibonacci extension or the high of level $333.50

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.