Litecoin Expected to Move Towards Its Resistance of $214 as PayPal to Enable Crypto Payments

Annie Li  Mar 31, 2021 16:52  UTC 08:52

2 Min Read

American digital payment corporation PayPal announced today that all US customers who hold Bitcoin, Ethererum, Litecoin, and Bitcoin Cash in PayPal wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases.

PayPal enabling Litecoin payments will undoubtedly stimulate the further rise of Litecoin. The cryptocurrency is expected to move towards its resistance of $214 and continue its upward momentum.

Litecoin ranks No. 9 in market capitalization, with a market cap of $13,144,005,819 and a 24-hour transaction volume of $ $3,245,012,274.

Litecoin (LTC) Price Analysis

Source: LTC/USD Daily via TradingView

Litecoin (LTC) showed a long green candlestick on March 29, rising by 5.33%. This candlestick runs directly through the Exponential Moving Average ribbon. Following the strong gains on Monday, the bears seem to have begun to take action actively, trying to suppress the price of the 20-day Exponential Moving Average (20-EMA), but they failed. The bulls firmly defended this horizontal support and closed the closing price above the 20-EMA of $191.71.

At the time of writing, LTC is trading at $197.37.

Litecoin is trying to recover to a level above $197.50. The MACD indicator is almost glued at the zero axes, which is a precursor to the formation of a bullish crossover.

The relative strength index indicates that this altcoin has remained more or less near the equilibrium zone of the 50 marks and has not fallen into the oversold zone. The upward trend of the indicator indicates that the current price level is supported by the buyer.

LTC/USD is able to continue the previous upward momentum to a large extent and rise to the upward pressure line of around $214 as shown in the figure. At this resistance line, the bulls may face firm resistance from the bears.

If the price drops from the resistance line, LTC/USD will go to test the 20-EMA and hover there.

However, if the bulls manage to drive the price above the resistance line of $214 successfully, LTC may rally to its previous high of $247.05.

Image source: Shutterstock

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of Blockchain.News. No information in this article should be interpreted as investment advice. Blockchain.News encourages all users to do their own research before investing in cryptocurrencies.

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