Litecoin (LTC) has been making a series of higher highs and higher lows since January 24. The current upward move has reached a high of $84. The price movement is in the form of impulse and correction in the current uptrend. LTC is correcting after the recent high at $84.
The pair has retraced to the low at $80 and has resumed a sideways move above the current support. However, the upward move will resume since the correction has ended. The pair is likely to reach a high of $100 if the bulls push above $84 price level. Nonetheless, if the bulls are successful in the current dispensation, Litecoin will be out of the downtrend trend zone.
Meanwhile, Litecoin is trading above the 94% range of the daily stochastic. First and foremost, LTC is in the overbought region of the market. In that region, LTC is said to be in a strong bullish momentum. At the same time buying has been overdone. Sellers are likely to be generated in the overbought region. Sellers push LTC downward while buyers are unavailable to take their positions.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin’s uptrend is ongoing as shown by the indicators. The stochastic has been in the overbought region since January 31. The bands are sloping between 94% and 80% in the overbought region. This makes the price linger in the overbought region. Nevertheless, Litecoin will continue its upward move as long as the price is above the EMAs.
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.