Litecoin rose 6.54% on Wednesday. After a 2.28% gain on Tuesday, Litecoin closed the day at $ 169.41. Litecoin was seen dropping to $ 155.37 in the early morning before making a move today.
Where is the direction in Litecoin
Litecoin, which moved away from the first major support level of $ 149.31, rose to an intraday high of $ 169.90 yesterday afternoon.
Litecoin broke the first major resistance level at $ 166.05 before falling below $ 160.
However, finding support late, Litecoin returned from its first major resistance level to complete the day at $ 169.
At the time of writing, Litecoin is trading at $ 168, up 3%. A mixed start to the day saw Litecoin rise to a morning high of $ 169.92 before dropping to $ 167.41.
Litecoin needs to avoid a drop in the $ 164.89 pivot level to support a run of $ 174.42 at the first major resistance level.
However, support from a wider market will be required for Litecoin to rise from its morning high of $ 169.92.
Except for an extended crypto rally, the initial major resistance level and resistance at $ 175 will likely prevent any upward movement.
In another prolonged breakout, Litecoin could test resistance at $ 190 before any retracement. The second major resistance level is located at $ 179.42.
Failure to avoid a drop in the $ 164.89 pivot level would bring the first major support level to $ 159.89.
If an extended sale is blocked, Litecoin will stay away from levels below $ 150.