Most of the altcoins within the crypto space made huge moves without making much noise and Litecoin is one among them. No doubt the asset was swinging within a notable downtrend and slid down below the crucial support levels.
But with the recent adoption the asset tends to flip the bearish divergence but whether the asset will undergo a notable uptrend that could ignite a bull rally is little uncertain at the current moment.
The LTC price finally made a notable move by refusing to plunge down deeper and with a notable flip, the asset aims to hit $150 in the next couple of hours.
When Will Litecoin (LTC) Price Bounce Back?
As the asset followed a strong descending channel ever since it smashed its highs above $410, currently a similar momentum is expected within an ascending channel.
The asset dropped below the crucial support levels at $135.1 and bottomed hard to hit the lower levels around $120. Yet the bulls quickly jumped in and uplifted the price above the support levels but failed to drag the price beyond $150 levels.
The asset is currently moving along the rising channel but the RSI is showcasing a bearish divergence in the short term testing the average levels at 64. And therefore a minor retracement may be fast approaching which is expected to be a short-lived one.
However, in the higher time frame, the asset appears to be pretty bullish as the buying pressure still mounts over the platform. And hence smashing $150 levels may not be a tedious job for the asset.
However, the immediate resistance resides at $156.8 and later major levels to test would be along the 200-day MA levels at $170.7. Surpassing these levels would validate a notable uptrend and sustaining above these levels may ignite a bull run beyon $200 may be in the next fortnight.