Litecoin Holds Above Recent Gains, Poised to Retest $60 Overhead Resistance

Oct 27, 2020 at 14:08 // News
Coin Idol
Buyers failed to push LTC above the resistance

Litecoin bulls are sustaining the recent rallies as the price fluctuates below the $60 resistance. In the previous uptrend, buyers failed to push LTC above the $60 resistance.

The upward move should have reached a high of $65 if the price level was broken. Nonetheless, for the past three days, LTC has been fluctuating between $55 and $60 high.  

On the upside, if the bulls fail to break the $60 resistance, the bears will break the $51 support. On the downside, a break below the $51 support will signal the resumption of the downtrend. Meanwhile, Litecoin is trading at $57.32 but it is consolidating above $56 support. 

Litecoin indicator analysis  

LTC price has broken above the resistance line of the ascending channel. A break above the resistance line will mean a change in trend. There is a possibility of a further upward move. More so, the price bars are above the SMAs which suggest a rise of the coin. The coin is above the 80% range of the daily stochastic. It is trading in the overbought region. Perhaps, this is the reason for the recent price fall of the coin.  

LTC chart.png

Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20 

What is the next move for Litecoin?

From the recent price action, Litecoin is likely to rise to the previous highs. In the recent uptrend on October 24, the coin was resisted at a $60 high. The retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that LTC will rise to level 1.272 Fibonacci extensions but may reverse at that price level. In other words, the coin will reach $64.10 high.  

LTC chart.png

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.

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