Litecoin (LTC) price has risen significantly so far in January, but was recently rejected by the long-term resistance level of $ 186.
While it is possible that Litecoin is still in a corrective phase, another upward move is expected that could move LTC to $ 225.
Long term Litecoin levels
Litecoin has been falling since January 10, after reaching $ 185.83.
However, after the drop, LTC held above $ 146, the June 2019 high, creating a very long low wick in the process.
This is a strong sign of buying pressure. The weekly close above this level will likely confirm an ongoing uptrend.
Technical indicators in the weekly time frame are showing the upward direction. If LTC manages to break, the next resistance area will be found as the $ 225 – 0.618 Fib retracement level. An increase above this level could push LTC to an all-time high.
The shorter-term charts show that LTC is currently attempting to break above the $ 158 0.618 Fib retracement level. The level also served as a support before, so if LTC wants to continue moving higher. Recovery of this level is extremely important.
Although the indicators are bullish, the short-term trend is not expected to be bullish unless the LTC manages to close above this level.