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Litecoin continued to have an impressive bull run following the breakdown on November 26th. Buyers are testing the $ 90 resistance again.
In the first uptrend, LTC was pushed back due to strong selling pressure. In the previous uptrend, the altcoin fell from a high of $ 90 to a low of $ 65. Currently, if buyers can push LTC above $ 90, a rally to $ 100 is expected.
However, if buyers fail to break out of the $ 90 resistance, the cryptocurrency will be forced into a sideways move. In other words, the coin will fluctuate between $ 65 and $ 90 for a few days. Meanwhile, buyers are struggling to break out of the $ 90 resistance level. In the first new test, there was a pullback. Resistance is likely to weaken after several new tests. Meanwhile, Litecoin is trading at $ 89.23 at the time of writing.
Analysis of the Litecoin indicator
The price bars are above the SMA and the resistance line of the ascending channel. This gives the impression of a further upward movement of the coin. The cryptocurrency is at the 64 level of the relative strength index period 14. It indicates that the coin is in the uptrend zone and above the center line 50.
Key Resistance Levels: $ 80, $ 100, $ 120
Key Support Levels: $ 50, $ 40, $ 20
What’s the next move for Litecoin?
The altcoin is moving upwards. The Fibonacci tool indicated an upward movement of the coin. On November 24 uptrend; the retracement candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Litecoin will rise and reach the 1.618 Fibonacci level. This is the coin that is expected to hit a high of $ 104.78.
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.
