The price of Litecoin (LTC) is rising after breaking the initial resistance level at $96.
The value of the crypto asset will continue to rise until it reaches the next barrier at $110. At the time of writing, the Litecoin price has risen to a high of $102.15. However, the altcoin is approaching the overbought area of the market based on the price movement. When the market enters the overbought zone, the price movement is restricted. A retraced candlestick on the March 24 upswing tested the 61.8% Fibonacci retracement line. According to the retracement, LTC will rise to the level of 1.618 Fibonacci extension or $107.77. If the price falls below the moving average lines, Litecoin is at risk of a decline. In this case, the cryptocurrency will retest its recent low of $85.
According to the Relative Strength Index for the 14 period, Litecoin has climbed to the value of 67. Buyers have managed to overcome the initial barrier at $96. Based on the recent price action, Litecoin has entered the overbought zone of the market. As long as the price bars are above the moving average lines, Litecoin will rise. In the meantime, Litecoin has risen above the stochastic level of 80 on the daily basis and is now overbought.
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
LTC/USD has broken through the previous high of $96 and is now moving towards it. Although it has reached a high of $102, the altcoin market is overbought. If sellers appear in the overbought area, Litecoin will fall. However, as long as the LTC price moves back above the moving average lines and holds there, the rally will continue.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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 in funds.