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Litecoin bulls broke through the coin’s crucial resistance levels. Buyers broke the $ 48 and $ 51 price levels which suspended initial resistance to the price movement.
There is a certainty of the upward price movement. The altcoin is expected to reach a high of $ 63 if the current bullish momentum is sustained.
However, the bulls will not have an easy run as the sellers could interrupt the price movement in the resistance zones. However, if buyers move away from the resistance zone and the price returns below the $ 50 low, the coin will fall into the bearish trending zone. This will increase the chances of further downward movement. The coin will drop back to the low of $ 43. Today, LTC is trading at $ 56 at the time of writing.
Analysis of the Litecoin indicator
The price bars are above the SMA as the coin has bounced to break the resistance at $ 51. The coin will continue to rise as long as the price is above the SMA. The moving averages made a bullish crossover as the 21-day SMA breaks out of the 50-day SMA. The Relative Strength Index has reached over 70. This indicates that the market has reached the overbought region.
Key Resistance Levels: $ 80, $ 100, $ 120
Key Support Levels: $ 50, $ 40, $ 20
What’s the next move for Litecoin?
Litecoin is in an upward move as the raging bulls breach next resistance. Bullish trend on 12 October; the coin was limited to $ 51 in height. The retracement candle body tested the 50% Fibonacci retracement level. This retracement suggests the market will rise and reach the 2.0 level Fibonacci extension. This is a maximum of $ 50.81
Disclaimer. This analysis and prediction are the author’s personal opinions which are not a recommendation to buy or sell cryptocurrency and should not be seen as an endorsement by CoinIdol. Readers should do their own research before investing the funds.
