Litecoin has made a positive move in the last few days. In recent times, the crypto has been battling with the resistances at $43 and $47.
Fortunately, the price rebounded and reached a high of $45 but the bulls could not sustain the upward move. The market has fallen back above $43 support.
The bulls’ inability to sustain upward is a result of a lack of buyers at higher levels. Presently, buyers have broken the initial resistance at $43 but the bulls are struggling to hold above the current support. Nonetheless, buyers fail to reach the $47 resistance because of the inability to buy at higher levels. Probably an upward move is likely if the coin bounces at the current support of $43. Perhaps the bulls will break the $47 resistance and begin uptrend.
Litecoin has risen and is above the 80% range of the daily stochastic. This indicates that LTC is in the overbought region. Probably, Litecoin may begin a downward move as sellers emerge in the overbought region. The emergence of sellers may push the price below $43 and this may lead to a resumption of fluctuation below the resistance.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin's upward move is doubtful as bulls cannot buy at higher price levels. The coin is currently trading at $44 at the time of writing. The crypto will rise if the current support is holding. A break below this level will depreciate the coin to $42 low.
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.