• Litecoin reversed from support area
• Likely to rise to resistance level 300.00
Litecoin cryptocurrency recently reversed up with the daily Japanese candlesticks reversal pattern Hammer from the support area lying between the key support level 240.00 (former resistance from February and April), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse wave 1 from the end of March.
Given the overriding daily uptrend and the proximity of the aforementioned support area – Litecoin cryptocurrency can be expected to rise further in the active impulse wave 3 toward the next round resistance level 300.00 (which stopped the previous impulse wave 1). Strong support remains at the support level 240.00.