This trade could play out in 2 ways:
--Price continues it's strong momentum to the upside, and hits the upside target at $210 in one strong swing move. Bare in mind however, that there would be at least a correction after the initial breakout
-Price tests the horizontal at $204 successfully before to breaks down in one down impulse, and bounces to the upside target at $179. This is our preferred scenario as price has less work to do to hit the upside target if it bounces at the earliest opportunity.
With the Litecoin price going from $140 to $184 in just one week, it further confirms the markets have seen major losses over the past few weeks. There is still a long way to go before all markets will become a playground for traders again, but for now, that is not happening anytime soon. It is evident the gains push the Litecoin price to $200 slowly but surely, even though there will be sufficient market opposition to ensure that uphill trend will not happen too quickly either.
Thanks to $1.068b in 24-hour trading , we may see the Litecoin price continue to move up over the coming hours. As there is still a lot of work to be done in this regard, it will be interesting to see whether or not we will reach $200 later today !!
Bare in mind if this does happen it is extremely likely that price will once again be going back into higher levels, and would show a significant change of investors sentiment in Cryptocurrency as a whole, and prices returning to their higher levels would be likely.
As a result of this solid momentum, the Litecoin price is up by a whopping 19.62% over the past 24 hours. These gains are not just the result of Bitcoin appreciated in value either, as the LTC/BTC ratio improved by 9.15% over the past 24 hours. That in itself is rather remarkable, even though it is only normal altcoins appreciate in value against Bitcoin as well right now. Not all currencies are following this trend as of right now, but in due time, things will start to look very promising once again.