Following the breakout above $51 overhead resistance, LTC made an extra push to the excessive of $58. The uptrend couldn’t be sustained above $58 excessive as sellers present a defence to the latest excessive.
Today, LTC is rising after sellers have pushed the worth to $56 low. Nonetheless, consumers have earlier retested the latest excessive twice however fail to interrupt above it. In the interim, the worth is fluctuating between $54 and $58 due to the latest resistance.
On the upside, a powerful bounce above $55 will propel value to interrupt the $58 resistance and rally above $64. Once the bulls break the $64 excessive, the momentum will lengthen to $80 excessive. Conversely, LTC will fall if the bears flip round and break under the $54 help. A drop to $51 help is feasible. Today, LTC is rising above $56 help to retest the $58 excessive.
Litecoin indicator evaluation
The latest retracement from the latest excessive was as a result of LTC is above 80 % vary of the day by day stochastic. This signifies that the coin is now buying and selling within the overpriced area of the market. It implies that sellers will seem in that area to push costs down. The promoting stress has taken its toll. There is a probability of additional upward transfer as the worth is above the EMAs.
Key Resistance ranges: $80, $100, $120
Key Support ranges: $50, $40, $20
What is the subsequent transfer for Litecoin?
Litecoin has an opportunity of reaching its goal value of $64 if the worth breaks the latest excessive. The goal value of $64 is feasible if the bulls overwhelm the bears within the present consolidation between $54 and $58. A purple candle physique examined the 0.50 retracement degree. It signifies that value will rise and attain degree 2.0 Fibonacci retracement. In different phrases, the subsequent goal value can be $64 excessive.
Disclaimer. This evaluation and forecast are the non-public opinions of the writer and should not a advice to purchase or promote cryptocurrency and shouldn’t be seen as an endorsement by CoinIdol. Readers ought to do their very own analysis earlier than investing funds.