Litecoin (LTC) Resumes an Uptrend, Fails To Break the $205 Resistance Level

Key Highlights
Litecoin retests the $200 resistance zone
The coin may fall again to the previous low above $180

Litecoin (LTC) Current Statistics
The current price: $196.60
Market Capitalization: $16,511,825,177
Trading Volume: $5,042,328,533
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 9, 2021
Litecoin is making an impressive upward move to the previous highs. The current uptrend is facing resistance at the $200 resistance zone. After February 23 breakdown, Litecoin has made three upward moves to the previous highs. Each upward move has been facing rejection at $200 resistance zone. Today, the price is falling after testing the resistance zone. On the upside, if the bulls cleared the resistance zone, the market will rise and retest the $240 overhead resistance. The coin will continue in its fluctuation between $155 and $205 if the bulls fail to break the previous high.

Litecoin (LTC) Technical Indicators Reading
The crypto’s price has broken above the 21-day SMA and 50-day SMA. This indicates that the coin is likely to rise on the upside. The market is above the 40% range of the daily stochastic. This indicates that the price is in a bullish momentum.

Conclusion
Today, the coin is making an upward move to the previous highs. On March 3 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the crypto will rise to level 1.272 Fibonacci extensions or the high of $207.93. However, there is the possibility of the coin falling to the 78.6% Fibonacci retracement level where it originated.


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