Today, Litecoin is trading above $60 after finding support above $58. Earlier on the $60 resistance, now a support level is crucial to LTC's upward move.
Buyers and sellers have been tussling over price since LTC reached its peak price of $68. Nonetheless, the overwhelming selling pressure pushed LTC to $58 low.
The coin corrected upward and it is trading above the crucial support level. A strong bounce above the current support will propel price to move upward and retest the $68 high. On the upside, if buyers are successful above $68, the momentum will extend to $80 high. Conversely, LTC will continue its sideways move above the current support if buyers fail to push prices upward.
The price bars are currently above the 12-day EMA. The coin will resume an upward move if the price is sustained above the EMAs. However, a break below the exponential moving averages will mean a downward movement of the coin. Today, the price is showing some bearish signal as it is below 80 % range of the daily stochastic.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is still fluctuating above $60 support. Meanwhile, on August 17 uptrend, LTC was resisted and a red candle tested the 61.8 % Fibonacci retracement level. This implies that price will rise to 1.618 Fibonacci extension level. In other words, LTC's next target will be at $80 high.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.