Since hitting the lows at 1.295 on the 16th of April, the Litecoin cryptocurrency has staged a very nice rally over the past week. However, on the 30th of April, when the market made a large upmove from 1.36 to 1.44, buyers encountered a very significant price pivot. The 1.44 level has been used as support on the 11th, resistance on the 16th, and as support again on the 23rd. The market has reacted very strongly every single time it has approached this price zone in the past Month, and it reacted again on the 30th – where it prevented the large up-move to continue higher.
The market is currently hovering near the 1.44 zone, but there are several other very important resistance zones right above this level as well. Between the 22nd and 23rd of April, the market was trading in a very choppy side-to-side manner, and this trading range has formed a resistance level at 1.47 that has not been revisited since the 23rd. A significant amount of trading is likely to take place at this price level, and it is very likely that any rallies will be met with a lot of opposition at the 1.47 resistance area. If the market manages to make it past 1.47, the 1.496 area will most definitely provide ample resistance as well. The 1.496 zone has acted as support and resistance, on several occasions between the 11th and 13th of April. If the market manages to get there in the next few days, it is very likely that the 1.496 area will act as a very strong barrier to any further price advancement.
Unless the market breaks thought the 1.47 and 1.496 resistance zones very forcefully and under heavy volume, the most likely outcome will be a market reversal, as many traders will start to close out existing long positions and bet the other way.
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