Litecoin Rebounds, Faces Initial Resistance at $62

Litecoin traded to a low of $57 and pulled back. In its final downward move, LTC fell to the low of $57 after a retest at $65. It is presumed that the selling pressure has been terminated because LTC has fallen to the oversold region of the market. That explains that selling has been overdone.

In other words, buyers are likely to emerge to push LTC upward. In the meantime, the price fell to the low of $57 and rebounded but it is currently facing resistance at $62. Litecoin will make an upward move if the bulls resume breaking the resistance at $68 and 72.

Litecoin Indicator Analysis 

LTC is trading beneath the 20% range of the daily stochastic. Presently, the stochastic bands are making a U-turn indicating bullish momentum. Even so, Litecoin is in the oversold region of the market. The presence of bulls is expected in the interim.

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

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

What Is the Next Direction for Litecoin?

Hopefully, it assumes that the downward move may have been concluded as the bulls take control of the price. The pair is making an upward but yet to overcome the resistance at $62. The price will rally above $68 if the bulls overcome the minor resistance at $62.

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.