Yesterday, the bulls surprisingly bought the dips as the coin rallied to a $62 high. Buyers have to jump over the hurdle at $64 high for the continuity of the upward move.
The upward move has been delayed for the past four days. On November 9, buyers attempted to push LTC above the $62 but were repelled. Subsequently, the coin slumped to a $57 low. After plunging to a recent low, the coin resumed a downward correction.
Initially, all upward corrections were resisted below $60 high. Today buyers are in control as the coin rebounded to the previous highs. The crypto is trading at $61 at the time of writing. There are chances of a further upward movement of the coin. A strong bounce above $61 support will propel the price to break the resistance at $64. A breakout at the $64 resistance will accelerate price movement to the previous high. LTC price is expected to rally above $73. The upside momentum will be invalidated if the bears break the support at $58 and the coin slumps below $51 support.
Today, the price has broken the resistance line of the ascending channel. When price breaks and closes above the resistance line, the implication is that the coin will resume an upward move. The coin is likely to continue the upward move as long as the price is above the SMAs. The crypto is at level 66 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
The bulls are still retesting the resistance zone at $64. The Fibonacci tool analysis will hold once the resistance is breached. On November 7 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that LTC will rise to 1.618 Fibonacci extensions. That is, Litecoin will reach a high of $73.07.
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.