Litecoin Is Expected to Move Towards $214 Resistance as PayPal Allows Crypto Payments

PayPal, an American digital payment company, announced today that all US customers who have Bitcoin, Ethererum, Litecoin, or Bitcoin Cash in their PayPal wallets will be able to convert their holdings into fiat currencies at checkouts to make purchases.

Litecoin’s rise will undoubtedly be aided by PayPal’s acceptance of Litecoin payments. The cryptocurrency is expected to continue its upward trend as it approaches its resistance level of $214.

Litecoin is the ninth most valuable cryptocurrency, with a market capitalization of $13,144,005,819 and a 24-hour transaction volume of $3,245,012,274.

Analysis of the Litecoin (LTC) Price

Source: LTC/USD Daily via TradingView

On March 29, Litecoin (LTC) displayed a long green candlestick, rising by 5.33 percent. This candlestick crosses the Exponential Moving Average ribbon directly. Following Monday’s strong gains, the bears appear to have begun to take active action, attempting to suppress the price of the 20-day Exponential Moving Average (20-EMA), but failing. The bulls successfully defended this horizontal support and closed above the 20-EMA of $191.71.

Litecoin is attempting to recover to a price higher than $197.50. The MACD indicator is nearly glued at the zero axes, indicating the formation of a bullish crossover.

The relative strength index indicates that this altcoin has remained more or less near the 50 mark’s equilibrium zone and has not entered the oversold zone. The indicator’s upward trend indicates that the current price level is supported by the buyer.

LTC/USD can maintain its previous upward momentum to a large extent and rise to the upward pressure line of around $214, as shown in the figure. The bulls may face stiff resistance from the bears at this resistance line.

If the price falls below the resistance line, LTC/USD will test and hover near the 20-EMA.

However, if the bulls successfully drive the price above the $214 resistance line, LTC may rally to its previous high of $247.05.

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