March did not go well for Litecoin, whose valuation fell more than 33 percent. The price was 18% lower on March 13th than it is now, while LTC has entered a recovery period in the past 7 days. However, the bullish sentiment has surged well over the past few days, and next week the altcoin may once again head towards the $ 243 price range.

 

 

At the time of this writing, LTC is trading at $ 195 with a 24-hour trading volume of over $ 3.4 billion. Last week we saw the price of cryptocurrency surging over 13 percent, and if this trend continues, immediate resistance could soon be overcome.

1-day Litecoin price chart

March did not go well for Litecoin, whose valuation fell more than 33 percent. The price was 18% lower on March 13th than it is now, while LTC has entered a recovery period in the past 7 days. However, the bullish sentiment has surged well over the past few days, and next week the altcoin may once again head towards the $ 243 price range.

According to Litecoin’s daily chart, LTC will continue to try and surpass the $ 209 price level. With the strong bullish momentum rising in the LTC market, this level is likely to convert to a support within the next 24-48 hours. In such a scenario, LTC could head towards the $ 243 price target and record a 100 percent recovery since its fall in the second week of March.

However, if the sudden resistance is not broken if the trend reverses, LTC may need to hold its support at $ 162 to stop its falling price. However, this seemed unlikely, and if the initial resistance drops, traders can take advantage of opening long positions on the coin.

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According to the technical indicators of the cryptocurrency, the price of LTC may see an increase in the coming days. The signal line finally broke down below the rising MACD line. The RSI indicator remained in neutral territory, showing that the cryptocurrency was not under the threat of a sudden sell out as both buyers and sellers canceled each other.

If Litecoin’s price could turn its immediate resistance at $ 209 to the support level, it could record a 100 percent recovery. This looks likely given the sufficient bullish momentum in the LTC market. However, if the trend reverses, a drop to $ 162 is possible.

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