Expectantly, the bulls have broken the resistance at $62 and the coin is approaching a high of $70. Before this time, the resistance at $62 has been an uphill task to break. The bulls made three unsuccessful attempts to break it. On January 29, the resistance was breached. Interestingly, the upward move is continuing but the coin may face another resistance at $70.
The coin has two more hurdles to jump over to be out of the downtrend zone. Possibly, if the bulls pick up strong momentum, the resistance at $70 will be broken and the price will rally above $80. If the bulls achieve success, Litecoin will commence its uptrend move. Nonetheless, if the coin faces resistance at $70, the coin will proceed to a sideways move.
As the market is moving upward, Litecoin is trading in the overbought region of the daily stochastic. This is above the 80% range of the indicator. Litecoin will face the unavailability of buyers in the overbought region to push the LTC upward. In that case, LTC may suffer depreciation. The upward move may continue if the coin retraces and finds support.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is one of the coins gradually entering a bull market. Eagerly, if the price breaks above the $80 resistance, the resumption of the uptrend will commence. This is on the condition that the bulls will continue to sustain the current momentum. Also, the price will be above the EMAs to provide consistent support.
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.