The cryptocurrency is enduring a mixed start to the day, with some coins rallying while others are trading in the red zone
The cryptocurrency market is having a mixed start to the day, with Bitcoin currently rallying while some altcoins are underperforming. Bitcoin is currently up by 3.5% and is looking to surpass the $50,000 resistance level at any moment. Its weekly gains are now closing in on 20% following its rally yesterday.
Ether is also up by less than 1% and is close to surpassing the $3,400 mark. Binance Coin (BNB) has overtaken Cardano (ADA) to become the third-largest cryptocurrency by market cap after rallying by nearly 30% over the past week compared with ADA’s 4% weekly gains.
However, some altcoins like Solana (SOL), Terra (LUNA), Uniswap (UNI) and Avalanche (AVAX) are all trading in the red zone. Litecoin is up by less than 1% and could look to establish further gains in the coming hours.
Litecoin price outlook
The LTC/USD 4-hour chart is currently bullish after Litecoin’s excellent performance in recent days. LTC is up by more than 15% over the past seven days and could record further gains in the coming days. Its MACD line is in the bullish zone, while its RSI of 53 shows its performance is currently neutral.
After reaching the $167 pivot, Litecoin could be making a run for the first major resistance level at $172 over the next few hours. Support from the broader cryptocurrency market would be enough to push Litecoin past its second major resistance level at $176. Unless the rally extends longer, the $180 resistance level could cap the short-term movement of the cryptocurrency.
LTC/USD 4-hour chart. Source: TradingView
However, if Litecoin drops below the $167 pivot again, the first major support level at $162 will come into play over the next few hours. An extended sell-off period could see LTC test the second major support level at $157 before the end of the day. However, LTC should comfortably steer clear of the sub-$150 level in the coming hours.