• Litecoin reversed from support area
• Likely to rise to resistance level 375.00
Litecoin cryptocurrency recently reversed up from the support zone located between the round support level 300.00 (which reversed the previous correction A in the middle of April), 20-day moving average and the 50% Fibonacci correction of the previous sharp upward impulse from the end of April. The upward reversal from this support area stopped the previous intermediate ABC correction (2).
Given the improvement in risk sentiment seen across the cryptocurrency markets today – Litecoin cryptocurrency can be expected to rise further toward the next resistance level 375.00 (top of the previous Bearish Engulfing candlestick reversal pattern from the start of May).