The bulls have relentlessly battled the resistance at $43 and $47. The uptrend is near impossible because of the two resistances.
Buyers have been repelled after four unsuccessful attempts to break the $43 resistance. In the last three days, Litecoin fell to a low of $39 in one of the resistances. The market rose to $44 high and was resisted. This is a typical example of the other previous movements that were repelled.
The uptrend has been restricted below $43 resistance. In the previous rebound on April 6, the LTC rebounded at $40 low to reach the $47 resistance. The bottom line is that a rebound at the low of $42 will propel LTC to break through the resistance of $43 and $47. Litecoin will rally above $63 if buyers are successful above $47 resistance.
Yesterday, in its sideways move below the resistance, the price moved up to a high of $44 and was repelled. LTC is also above the 50% range of the daily stochastic. The bullish momentum has been fluctuating because of the sideways move of LTC.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin has been trading below the $43 resistance since April 10. All upward moves have been scuttled because of the stiff resistance at $43. A breakout above $43 will propel Litecoin out of the bottom of the chart. LTC will continue to trade below $43resistance if a breakout fails to occur.
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.