About 48 hours ago, Litecoin broke the price at $73 and reached a high of $78. The bulls could not maintain the upward move as the price has fallen to the low of $72. Buyers ought to have reached the high of $80 as the $73 price level was broken. However, the lack of buying power hampered the upward movement.
Nonetheless, the support at $72 has been holding since February 5 when it was broken. Presently, the price is moving up to retest the resistance at $78. A successful break over $78 will push LTC over $80. An unsuccessful break at $80 resistance will compel LTC to a range-bound move between $72 and $78.
Litecoin was previously in the overbought region of the daily RSI period 14. LTC is trading at level 69 as the market moves up again. In the overbought region, buyers were not available to push LTC upward. The region is always dominated by sellers who move LTC downward. The EMAs are pointing up indicating the upward move.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
In a few days, Litecoin may be in a range-bound move between $72 and $78; if the bulls fail to break above $80 price level. Incidentally, breaking over $80 will take LTC out of the bear market. The bears may take undue advantage if the bulls fail to break the necessary resistance levels and move up. A break below $72 will compel LTC to fall to the low of $60.
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.