Litecoin (LTC) is making another push higher to retest the $150 resistance zone. The altcoin has reached the high of $141, but another upward move is doubtful as the crypto faces rejection at the recent high.
The bottom line is that buyers are making the third attempt to break through resistance at $150. The rejection at the recent high has led to the altcoin forming a bearish double top. Litecoin is likely to fall lower if it fails to break above the recent high. A drop to $120 is likely. On the upside, if the bulls manage to break above the recent high, Litecoin will rise above $225.
LTC price is facing a rejection at the descending channel resistance line. If the price breaks through and closes above the resistance line, the uptrend will continue to rise. The cryptocurrency is at the 45 level of the Relative Strength Index of period 14, which means that the market is in the downtrend zone and below the midline 50. Litecoin is above the 40% area of the daily stochastic. The market has bullish momentum again.
Major Resistance Levels - $500 and $540
Major Support Levels - $160 and $120
Litecoin is in an uptrend, but the uptrend is likely to be short-lived as the altcoin may face rejection at the $150 high. The rejection will signal the resumption of the downtrend. Meanwhile, on the July 5 downtrend; a retraced candlestick body tested the 50% Fibonacci retracement level. This retracement indicates that the market will fall to the 2.0 Fibonacci extensions level or $119.04 level
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.