Litecoin made an impressive move on June 1 as bulls retested the $50 overhead resistance. The first retest was in April as the crypto reached the overbought region at $50.
Immediately, sellers emerged as the coin dropped to $40 low. The price action has repeated itself as there was a bearish reaction after the second retest.
LTC plunged to $44 low and the bulls resumed a fresh uptrend. LItecoin is rising again as it approaches the high of $47. There is a possibility of the crypto breaking the overhead resistance. A rebound above $47 is capable of propelling prices to break the overhead resistance. Litecoin will have a free passage to revisit the $60 high if the bulls are successful. Conversely, if the current uptrend fails to break the overhead resistance, LTC will be compelled to a sideways move below the resistance.
After the recent breakdown, the daily stochastic dropped to the 60% range and later the stochastic bands made a U-turn. This indicates bullish momentum. The price action has bullish signals as the market reached a high of $47. Presently, the price is consolidating below the overhead resistance.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin has made a positive move in the fresh uptrend as it consolidates above $47. There is a possibility of a breakout if the coin consolidates below the resistance. Certainly, a breakout will push LTC to rally above $50. The breakout will accelerate price upward.
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.