Previous article Litecoin posts double-digit gains as bulls target $160 Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Litecoin posts double-digit gains as bulls target $160 Litecoin posts double-digit gains as bulls target $160 By Ilija Rankovic - min read Updated 21 March 2023 Litecoin bulls pushed LTC towards the upside, making the cryptocurrency post double-digit gains. Where will Litecoin go next? Litecoin spent the majority of 2021 trading in the same direction as Bitcoin, but with a lower intensity. However, LTC bulls stepped into the market and propelled its price towards the $160.8 resistance level and put the cryptocurrency on the traders’ map once again. Litecoin’s overall outlook is quite bullish, both from a fundamental and technical standpoint. However, this move was mostly caused by the technicals. Taking a look at its weekly performance, LTC has posted gains 14.20%, outperforming BTC’s gain of 3.70%, but falling short of ETH’s 20.88% gains. At the time of writing, Litecoin is trading for $158, which represents a 23.27% gain when compared to its previous month’s value. Litecoin is currently the 7th largest cryptocurrency by market cap, boasting a value of $10.5 billion. LTC/USD Taking a look at the daily chart, Litecoin has been on a steady uptick after the 11th January crash. Its main resistance level is currently the $160.8 level, which could now be considered a pivot point, as LTC’s short-term price movement depends on this level greatly. If Litecoin manages to break $160.80, bulls may push the price further up towards the $186.30 this year’s highs. On the other hand, if the cryptocurrency fails to break this crucial level, we may see a retracement to the previous levels and a possible test of the $145 zone. LTC/USD daily price chart. Source: TradingView The technical overview shows Litecoin’s daily RSI hovering just below the overbought area, with its value currently sitting at 68.12. LTC/USD 1-hour chart. Source: TradingView Litecoin’s hourly time-frame clearly shows us the two price spikes, one taking its price just below $155 and the other stopping right below the $160.80 resistance level. While it seemed at one point like the first spike’s gains will be eaten away by the retracement, Litecoin’s bounce off of the 21-hour EMA and the 38.2% Fib retracement level of $145.10 pushed the price up and caused another push towards the upside. Litecoin doesn’t seem like it has stopped attempting a break of the $161.5 level, and traders might want to look for a “ride the wave” trade or a retracement trade. Share this article Categories Analysis Tags Litecoin News