Litecoin Builds Strength and Sustains Hold above $42 Support

Litecoin bulls are attempting to push prices above $45 resistance but find penetration difficult. Buyers have earlier pushed LTC to $50 high in June but the market reached the overbought region.

Consequently, sellers emerged to push prices to $44 low. The downtrend extended to $42 low. Buyers have been defending the current support at $42.

Nonetheless, the current uptrend is resisted at the $45 resistance on three occasions. Litecoin will rise to $48 high if the bulls break the current resistance. The market will remain range-bound below the resistance if the bulls fail to break the current resistance. Presently, LTC is consolidating between $42 and $45 as the bulls fail to break the current resistance.

Litecoin indicator analysis 

Litecoin has been on a downward move after attaining the peak price of $50 in June. A break above the downtrend line will signal the resumption uptrend. Meanwhile, the bulls are attempting to push  prices above the trend line. LTC is above the 25 % range of the daily stochastic. It indicates that LTC is in bullish momentum.

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What is the next move for Litecoin?

Since May, buyers have been able to sustain the current support at $42. However, the bulls are still struggling to push above the current resistance at $45. The uptrend will resume once this resistance is cleared. The crypto lacks buyers at a higher price level to accelerate the upward move.

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.