Unlike other altcoins, Litecoin is currently experiencing a significant bull run on the charts. The asset recently climbed above the $ 200 level and rose 78% in February. At the time of writing this news, Litecoin is trading at $ 216, with a 24-hour trading volume of $ 16 billion. So will LTC continue to rise?

 

 

1 hour Litecoin price chart

There are a few situations to consider for the forward trend. Currently Litecoin is currently moving within the trend lines of an ascending channel. The price stays above the pattern’s average line, indicating an increased likelihood of a break above the $ 230 support.

While the trend is generally upward, a few situations may occur on the charts. Continuation of the uptrend could see the asset rise above $ 230 in the next few hours and continue its move to test the weekly resistance at $ 237. However, another pullback from $ 230 could result in a decline to $ 215.

 

Will LTC continue to rise according to market indicators?

Market indicators highlight the unstable nature of the trend. Currently, the MACD signal line hovers above the MACD line is seen as indicative of a bearish trend. The stochastic RSI is in a bullish trend and is likely on track to recover from the oversold zone, but selling pressure could pull it below the 30 mark.

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Finally, the Relative Strength Index displays strong buying pressure. The indicator, which maintains a position above the 50 mark, is largely in an upward trend.

Since the forward movement is somewhat uncertain, it might be a better move to wait for the trend over the next 24 hours. Litecoin has surged 22% the other day, so the rally may continue in the same direction.

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