Yesterday, Litecoin bulls broke the $90 overhead resistance which has been holding since November 23.
This breakout has put to an end three weeks of range-bound movement below the resistance. The coin will have an accelerated price movement to $150 high. The initial target of the coin will be at $100 high as it breaks above the overhead resistance.
Subsequently, the upside momentum will extend to $150 high where it may face another resistance. The $150 high is a historical price level of June 2019. Last year, the altcoin resumed a downward move after testing the high of $150. This year, if the bulls break the resistance at $150, the upward move will continue.
Litecoin is trading above level 70 of the Relative Strength Index. This indicates that LTC is now in the overbought region of the market. The current rally is likely to come to an end because RSI indicated an overbought condition. LTC is also above the 80% range of the daily stochastic. It indicates that the coin is in a strong bullish momentum.
Key Resistance levels: $120, $140, $160
Key Support levels: $80, $60, $40
Litecoin has resumed an uptrend after a successful breaking of the overhead resistance, On November 23 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the crypto will rise to level 2.618 Fibonacci extensions or the high of $152.21.
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.