The general cryptocurrency market is rallying again after stagnating for the past few days
The cryptocurrency market has resumed its rally after days of stalling, with Bitcoin crossing the $50,000 threshold once again. This performance has trickled down to the entire market, with Ether, Cardano, XRP, Binance Coin and several other leading cryptocurrencies all up by more than 5% in the past 24 hours.
Litecoin is also performing excellently after rising by more than 5% in the last 24 hours. LTC surpassed the 23.6% Fib level at $178 to break past the $180 resistance mark. Litecoin could look to test further resistance levels over the coming hours if the current market conditions persist.
The short-term performance of the broader market is promising and market participants are still optimistic about the long-term projections.
Litecoin price outlook
The LTC/USD 4-hour chart currently has a bullish outlook thanks to its performance over the past few hours. After rising by more than 5% in the last 24 hours, Litecoin’s RSI is currently above 60 while its MACD line has crossed the divide and is currently in the bullish zone.
LTC/USD 4-hour chart. Source: TradingView
Litecoin has managed to surpass yesterday’s high of $182 and looks set to extend its rally over the coming hours. If LTC continues on this current path, it could test the next major resistance level at $192 and aim for the pivot at $200. An extended rally from the broader cryptocurrency market could help LTC test the second major resistance around the $210 region.
However, failure to maintain the current bullish momentum could see LTC fall towards its downward pivot at $177. This would bring the first major support level at $170 into play, which is also the cryptocurrency’s 100 simple moving average. Unless there is an extended period of sell-off in the market, Litecoin should comfortably defend the sub-$170 levels. Currently, Litecoin’s second major support level stands around the $163 region.