Litecoin price is on a rebound, even as it lacks enough bullish momentum to retest the 6-month high it hit earlier in the week. The altcoin, which is ranked 13th in the crypto market, has had its trading volume decline by 41.60% over the past 24 hours.
LTC has pulled back after rebounding in the previous session. After plummeting from its 6-month high of 302.14 on Wednesday, the altcoin recouped some of those losses by surging to the resistance level of 280 earlier on Friday.
In the past month, Litecoin price within a rather tight range of between 165 and 200. Several attempts by the bulls to break the resistance at 200 were unsuccessful. In comparison, 200 has been a crucial support level for the crypto since the beginning of November. Indeed, it has been trading above this zone since the beginning of the current week.
At the time of writing, Litecoin price was up by 5.28% at 276.17. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the short term, I expect the altcoin to remain above the crucial resistance-turn-support zone of 200. At its current level, it will likely find support along the 25-day EMA at 266.12. Below that point, the support may be lower at 255.32, which is along the 50-day EMA.
On the upside, 280 will likely remain a key resistance level for the crypto. To retest the week’s high, the bulls will need to push the price past the upper resistance at 295.92.
This post was last modified on %s = human-readable time difference 09:26