Litecoin (LTC) has continued its sideways movement as bulls challenge overhead resistance. Buyers have been retesting the $64 level since July 29.
Each time the resistance level is retested, the altcoin falls above the 21-day moving average line. On the upside, the cryptocurrency will rally to the high of $69 if the overhead resistance is broken. However, Litecoin will fall if the bears break below the moving average lines. LTC/USD will fall to the low of $47. Alternatively, the cryptocurrency will fall and fluctuate between $51 and $64.
Litecoin is at level 53 of the Relative Strength Index for period 14, indicating that LTC is in the uptrend zone as bulls continue to challenge the overhead resistance. LTC price bars have remained above the moving average lines, indicating a possible upward movement. The cryptocurrency is below the 20% area of the daily stochastic. Litecoin has reached the oversold area of the market. Buyers will try to push the prices higher.
Major Resistance Levels - $200 and $250
Major Support Levels - $100 and $50
Litecoin's downward movement has subsided as the market has reached the oversold region. The market will rise again as buyers emerge in the oversold region. Further selling of the coin is unlikely. According to the Fibonacci tool, the market will reverse at a low of $59.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.