The Litecoin (LTC) price hovered below the $80 resistance level for over a month before breaking through it. The cryptocurrency's value rose even further today, reaching a high of $91 before retreating.
The price of LTC has clearly moved into the overbought zone of the market. The cryptocurrency was lifted above the $80 support by the bulls. In the last 24 hours, the market moved within a narrow range between $80 and $91. On the positive side, it is unlikely that prices will continue to rise. The altcoin will fall to the $80 breakout level. If the bears break the $80 support, the downtrend will resume. At the time of writing, LTC/USD is trading at $86.01.
Litecoin has reached the relative strength index value of 70 for the period 14. As the market enters an overbought zone, the price movement is expected to reach a bullish exhaustion. The current price increase is the result of the price bars that continue to move above the moving average lines. Litecoin is experiencing bearish momentum below the daily stochastic threshold of 50. If the $80 support level is breached, selling pressure could continue.
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
With the altcoin falling back below the moving average lines, Litecoin is in a bearish momentum. In the coming days, the cryptocurrency asset is likely to move sideways. Once the moving average lines are broken, the altcoin will develop a trend.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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 in funds.