We had previously anticipated a rally to $270, but Litecoin could only touch the $256.818 levels yesterday, February 20. Higher levels attracted profit booking, resulting in a pullback.
The LTC/USD pair is stronger compared to the other top coins as it is trading above both the 20-day EMA and the 50-day EMA. The moving averages are also forming a bullish crossover, which is another positive sign.
The price might find support at the trendline, around the $214 mark. Nevertheless, if all the cryptocurrencies fall, Litecoin positions will not be damaged. Therefore, we recommend raising the stop loss on the remaining position to $210.
The digital currency will gain momentum if it reverses direction and sustains above $240.