Litecoin LTC price shows a resurgence of buyers, which has pushed it past some support levels. A continuation of this price bullish momentum could see LTC retest a critical barrier.
On the 12-hour LTC/USD chart, Litecoin price has sliced through a sloping resistance indicating the start of a new uptrend level. If the buyers continue to maintain their momentum, the LTC price could surge 12% to retest the immediate supply zone that stretches from a price of $297.06 to $317.09.
A potential spike in LTC bullish pressure that slices through the upper layer of this resistance level will trigger a retest of the local top at a price of $335.69 and a potential swing to the 161.8% Fibonacci retracement level at $439.41.
Regardless of the LTC bullish momentum, if Litecoin price slices through the 50% Fibonacci retracement support at $251.78, it would question the upswing narrative mentioned above.
Sustained trading below this area could lead to price bullish exhaustion pushing LTC to the demand zone’s upper boundary at a price of $217.97
If the sellers manage to pierce this demand barrier, it will invalidate the optimistic scenario and invoke sideways movement or correction.
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