Litecoin cryptocurrency recently reversed up from the support area located between the round support level 100.00, stopping the previous intermediate impulse wave (1) at the end of January, as seen from the daily Litecoin chart below, and the lower daily Bollinger Band on the other side. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – which stopped the previous short-term impulse wave 3.
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Given the strength of the support level 100.00, oversold reading on the daily Stochastic indicator, including widespread sentiment of potential improvement across the cryptocurrency markets - Litecoin cryptocurrency can be expected to rise further toward the next resistance level 114.80.