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Litecoin Soars But Approaches Resistance

Litecoin Soars But Approaches Resistance

Litecoin (CRYPTO:LTC) is trading higher Monday but the rally may end soon. It’s getting close to a resistance level.

Resistance is a large concentration of sellers gathered at the same price. At resistance levels, there is more supply than demand. That’s why rallies end when they reach them.

On April 16, LTC hit resistance at the $310 level and a sell-off followed. If LTC gets to $310 again, there’s a good chance it runs into a wall of sellers once more. This could put a halt to the rally.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
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