Litecoin (LTC) is a blockchain ecosystem started as a Bitcoin-killer. It boasts of a higher crypto supply, transaction speed, and security as compared to Bitcoin.

Past Performance

As of March 9, 2021, the opening price of LTC was $191.94. As of March 15, 2021, the closing price of LTC is $200.59. Thus, the LTC price has surged by approximately 4.5% in the past week. In the last 24 hours, LTC has been trading between $191.15 and $221.89.

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Day-Ahead and Tomorrow

Currently, LTC is trading at $197.58. The LTC price has decreased from the opening price of $200.59. Thus, the market looks bearish.

The OBV indicator is downward sloping indicating that selling volumes are higher than buying volumes. Thus, heavy distribution activity will exert downward pressure on the LTC price. Hence, we can expect the LTC price to go down further.

At present, the RSI indicator is at 59%. It faced a bullish swing rejection at 42% and started rallying. This is a positive sign as it implies that buying activity is slowly picking up. Hence, we can expect the trend to reverse in some time and the price to start rising.

The MACD line has already turned positive while the signal line will soon turn positive. Both the lines have been in the negative region since morning. Thus, a trend reversal is on the horizon. The bearish market momentum may soon weaken and the price may start climbing up.

LTC Price Analysis

Currently, LTC is trading below the Fibonacci pivot point of $204.22. It is close to the first support level of $192.85 and may fall below it if bulls don’t take over the market.

As of now, the price has tested and fallen below the 23.6% FIB retracement level of $198.13. A trend reversal is confirmed if the price retests and breaks out of this level in some time. By day close, if the price manages to break out of the 38.2% FIB retracement level of $202.44, then a bull-run is confirmed. In that case, the price uptrend will continue tomorrow.