US digital payments corporation PayPal announced today that all US customers holding Bitcoin, Ethererum, Litecoin, and Bitcoin Cash in PayPal wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases.
PayPal, which enables Litecoin payments, will undoubtedly spur the rise of Litecoin. The cryptocurrency is expected to move towards its resistance at $ 214 and continue its bullish momentum.
Litecoin is ranked No. 9 in market capitalization, with a market cap of $ 13,144,005,819 and a 24-hour transaction volume of $ 3,245,012,274.
Litecoin (LTC) price analysis
Source: LTC / USD Daily via TradingView
Litecoin (LTC) showed a long green candle on March 29, increasing 5.33%. This candle runs directly through the exponential moving average tape. Following the strong gains on Monday, the bears appear to have started to act actively, trying to suppress the price of the 20-day exponential moving average (20-EMA), but they failed. The bulls strongly defended this horizontal support and closed the closing price above the 20-EMA of $ 191.71.
At the time of writing, LTC is trading at $ 197.37.
Litecoin is trying to rally to a level above $ 197.50. The MACD indicator is almost stuck at the zero axes, which is a precursor to the formation of a bullish crossover.
The Relative Strength Index indicates that this altcoin has stayed roughly close to the 50 mark break-even zone and has not fallen into the oversold zone. The uptrend of the indicator indicates that the buyer supports the current price level.
LTC / USD can continue the previous bullish momentum to a great extent and climb to the bullish pressure line of around $ 214, as shown in the figure. At this resistance line, the bulls may face stiff resistance from the bears.
If the price falls from the resistance line, LTC / USD will go to test the 20-EMA and hold there.
However, if the bulls manage to carry the price above the $ 214 resistance line successfully, LTC can rally to its previous high of $ 247.05.
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