The Litecoin (LTC) jumped to a three-week high amid the overall crypto market rally on Monday as fresh strength adds to hopes that recovery may pick up on the break of pivotal barrier at $220.
*The LTC/USD pair probes past pivotal barrier at $220
*Growth prospects remain dominant factor moving Litecoin
*Charlie Lee, the founder of Litecoin, has joined BTCS
Litecoin (LTC) kicked off the week on a positive note as investors cheered its rebound from lows of $195.05 level extending its Friday gains. LTC/USD recently found a foothold within the moving average (50) support foundation, although the aggressive traction probes past pivotal barriers at $220. The LTC is poised for another bullish development today, with the main target being the $230 mark. Even though the pair has edged over the moving average (50) at $198 LTC/USD struggles to extend its rebound as bearish risks linger, however, growth prospects remain a dominant factor in moving Litecoin as buyers regain some confidence. At the time of writing, Litecoin was consolidating gains at $220, up by 8.5% in the last 24 hours and 11.67% weekly.
Blockchain Company BTCS Inc. Names Charlie Lee as Director
A digital asset and blockchain technology-based company BTCS Inc. has named Litecoin founder Charlie Lee as the newest independent member of its Board of Directors. Mr. Lee is the managing director of the Litecoin Foundation and is best known as the founder of Litecoin, the ninth-ranked cryptocurrency in the world with a market capitalization of more than $13 billion.
LTC Daily Chart: Ranging
A strong rally on Monday caused the LTC/USD pair to breach the three-week high at $222, including the second resistance at $230 giving up gains later on. The token, however, is likely to struggle at reaching this level, as it has another resistance area on its path circa $247, formed by the yearly highs. Moreover, technical indicators are unable to confirm this outlook, as they are giving mixed signals today.
If the cloud continues to cap improvements in the pair, initial support may arise from the moving average (MA 50) at $198.11 and the nearby low of $190. Diving from here, the $180-$175 support base may then have to deal with significant selling interest. Should it fail to dismiss a further decline, the price may sink towards the $169 key trough, identified in Dec 2020.
LTC 4-Hour Chart: Bullish
Following a big upside turnaround in BTC back towards the $60,000 mark, Litecoin is once again beginning to firm above the $200 level. Litecoin is trading inside the upside channel, which is located between the $208 and $225 mark, according to a lower time frame analysis. Once the LTC/USD pair breaks free from the upside pattern, keep an eye out for a possible $30 breakout.
Market sentiment is now tilted towards the bulls as the 4-hour relative strength index stays at overbought reading at 70. At the same time, the pair is yet fully overbought with further move ahead. The LTC/USD pair stays bullish while trading above the $200 level, key resistance is found at the $230 and the $247 levels. If the LTC/USD pair trades below $200, sellers may test the $190 and $180 support levels.
Resistance Levels: $247, $240, $230
Support Levels: $200, $190, $180
Image Credit: Tradingview
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