Litecoin bulls have overrun the crucial resistance levels of the coin. Buyers have broken the price levels of $48 and $51 which have poised initial resistance to price movement.
There is a certainty of price movement on the upside. The altcoin is expected to reach a high of $63 if the current bullish momentum is sustained.
Nonetheless, the bulls will not have an easy ride as sellers may interrupt price movement at the resistance zones. However, if buyers turn from the resistance zone and price retraces below the $50 low, the coin will fall into the bearish trend zone. This will increase the chances of a further downward move. The coin will drop again to $43 low. Today, LTC is trading at $56 at the time of writing.
The price bars are above the SMAs as the coin rebounded to break the resistance at $51. The coin will continue to rise as long as the price is above the SMAs. The moving averages have made bullish crossover as the 21-day SMA crosses above the 50-day SMA. The Relative Strength Index has reached above 70. This indicates that the market has reached the overbought region.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is in an upward move as the raging bulls breach the next resistance. On October 12 uptrend; the coin was restricted at $51 high. The retraced candle body tested the 50 % Fibonacci retracement level. This retracement suggests that the market will rise and reach level 2.0 Fibonacci extension. That is a high of $50.81
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.