🚀 Litecoin Breaks Out! 5-Month High Hit — $150 in Sight
By the time this article was published on Tuesday, Litecoin had increased by about 2%, extending the roughly 10% gains that it had made since Monday. This reverse rally reaches its highest level since March 3, exceeding the 78.6% Fibonacci level at $122, which was drawn from $146 on December 5 to $63 on April 7.
When the price of LTC closes decisively above $122, investors have the opportunity to expand their exposure to the company, which might possibly prolong the surge to the $147 top. Additionally, the MACD and signal line are on the edge of providing a crossing, which would flash another buy signal. This would be a potentially profitable event.
Despite this, the relative strength index (RSI) on the daily chart is now reading 70, which indicates that it has surpassed the overbought limit. This represents a probable reversal as the purchasing pressure approaches saturation.
However, a reversal from the overhead resistance might result in a loss of the recent gains, which would be accompanied by a retest of the 61.8% Fibonacci level, which is located around $106.
