March wasn’t the best month for Litecoin (LTC), but bullish sentiment has built over the past few days and it looks like we are heading towards the $240 price range once again.
LTC 1-day chart
At the time of writing, LTC was trading at $210.73 with an increased trading volume
The $209 price level break was key as you can see we are looking to retest that level. With strong bullish momentum building up in the LTC’s market, it is likely that this level may be flipped to a support. If that's possible LTC may head towards my $240 price target.
However, if a trend reversal were to occur and the immediate resistance is not breached, LTC may have drop dramatically to the $160 level. We did break the 50 day SMA, but it looks like that break will setup that $209 so I'm remaining bullish, but cautious.
Happy trading!