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