- Litecoin enjoyed a monstrous rally as highlighted in the previous analysis.
- Prices surged higher and traded as high as $1.94 where sellers defended more upsides.
Litecoin spiked sharply higher this past week to increase by more than 15%. There was a major range formed on the 4-hours chart before the price rushed higher. The $1.50 level was an important barrier for buyers, which was breached to open the doors for a rally as Litecoin steamed towards $1.90-$2.00. The bulls have completely outpaced the bears and managed to push prices within a span of a single day.
Currently, the price is correcting lower, and also managed to clear the 23.6% Fib retracement level of the last wave from the $1.44 low to $1.94 high. Litecoin approached the 38.2% Fib level where there was a reaction and buyers held the downside.
We cannot deny that there is a chance of Litecoin testing the 50% Fib retracement level of the recent rally as it is over expensive in the short term and sellers have enough reasons to push prices lower.