Litecoin Resumes Uptrend but Unable to Jump Over Hurdle at $160 High

Feb 05, 2021 at 10:20 // News
Author
Coin Idol
Litecoin resumes uptrend

Litecoin has moved up to $156 high after retracing to the low of $141. The current bullish momentum is expected to catapult the coin to the next target price of $180.

Presently, the crypto is facing resistance at $ 155 high. In the previous price action, LTC has been resisted twice as the coin fell to the low of $141. One factor responsible for the current resistance is that the coin has reached the overbought region of the market. The RSI is also approaching the overbought region. Further upward move is doubtful. The price may likely retrace to $152 low and then resume a fresh uptrend. The crypto is trading at $153 at the time of writing.

Litecoin indicator analysis

The crypto’s price has broken above the resistance line. It signals the end of the downtrend and the resumption of the uptrend. Presently, the upward move is facing rejection at the $160 resistance zone. The coin has risen above the 80% range of the daily stochastic. It indicates that  the market has reached the overbought region.

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Technical indicators:  

Major Resistance Levels – $180 and $160

Major Support Levels – $140 and $120

What is the next move for Litecoin?  

Litecoin's upward move has resumed after breaking above the resistance line. Meanwhile, On February 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the coin will rise to level 1.618 Fibonacci extension level or a high of $179.26.  

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Disclaimer. This analysis and forecast are the personal opinions of the author that 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.

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