Despite the latest breakdown to a low of $28, Litecoin is making positive moves to revisit previous highs. The bulls have moved the price to a high of $44.
However, buyers are failing to sustain the upward move. In the first bullish move, the market reached a high of $44 but it pulled back to a low of $42. The bulls were eventually resisted and the price fell to the low of $36. Buyers are unrelenting as they continue with the upward move.
At the low of $28, Litecoin was below the 20% range when the coin was in the oversold region. Interestingly, as the bulls emerge, LTC is gradually rising out of the oversold region. The daily stochastic is now above the 40 % range. This implies that Litecoin is in bullish momentum. Litecoin will resume its upward move if price breaks and closes above the resistance line of the channel.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is making an upward move after the latest breakdown. LTC will be out of the downtrend zone if price breaks above the resistance line of the channel. On the other hand, it will portend negatively, if LTC is repelled at the resistance line of the channel and breaks the support. Meanwhile, traders can look out to buy setups to initiate long trades.
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.