Following its recovery above $39 low, Litecoin rebounded to reach the $47 high. The upward move has been hindered at the $48 resistance zone.
The coin is in a sideways move between $45 and $48 in the last 48 hours. On the upside, a strong bounce above $46 will propel price to break the resistance at $48 and $51.
Litecoin will be trading in the bull market if the bulls are successful. The coin is likely to have upward price acceleration above the $51 support. This will catapult the coin to reach a high of $63. However, if the bulls fail to clear the resistance levels, the price fluctuations will continue in the current price range. Otherwise, another breakdown will compel the coin to reach a low of $41.
Litecoin moving averages are sloping southward indicating that the coin is in a bearish trend. The price is below the SMAs indicating that the coin is capable of falling. The stochastic is contrary to other indicators as it is indicating a bullish momentum above the 60% range.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
From the price action, buyers are making positive moves to break into the previous highs. The uptrend is facing initial resistance. However, on October 4 uptrend, the coin was resisted and the retraced candle body tested the 50% Fibonacci retracement level. This indicates that the coin will rise and reach the 2.0 Fibonacci extension level or $48.64 high.
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.