Expectantly, buyers have breached the $60 resistance after two weeks of price tussle. LTC suddenly rallied to $68 high as expected.
Despite the initial resistance at $68, the crypto has the chance of a further upward move. At the recent high of $68, LTC reached the overpriced region as sellers emerged to push prices down.
Nevertheless, in a strongly trending market upward move will continue without any restriction. Meanwhile, LTC is retracing and may find support at $64.Once the coin finds support, a fresh uptrend will resume. Interestingly, if price eventually breaks the $68 resistance, a rally to $80 high is anticipated. Litecoin will be compelled to a sideways move if it fails to break the $68 resistance. Nonetheless, the coin has retraced to $66 at the time of writing.
The altcoin is retracing because it is above 80% range of the daily stochastic. That is to say, LTC has bearish momentum. However, the bullish momentum will return as soon as price finds support. The EMAs are sloping upward indicating the uptrend.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
The current move of Litecoin has been stalled at the $68 resistance. However, the bulls and bears have been contesting for price control at the recent high. On the August 1 uptrend, the last retraced candle body tested the 0.618 or 61.8% Fibonacci retracement level. This explains that Litecoin is likely to rise to a high of 1.618 Fibonacci extension level or $76 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.