On market capitalization, Litecoin occupied the fifth position. The coin has been range-bound in 2020. The price has been consolidating between $35 and $95 since January.
In January, LTC rebounded to reach the high of $70 but the uptrend was short-lived. Sellers took over and pushed the price to $24 low in February and March. Between April and June, the price action comprised small body candlesticks.
The candlesticks indicate that there is indecision between buyers and sellers as to the direction of the market. The price movement has been insignificant in the last three months. In July and August, the coin rebounded as the bullish momentum was sustained to the high of $68. In September, Litecoin had a breakdown as the coin plunged to $41 low. Thereafter, Litecoin has been rallying on the upside. Today, the altcoin is trading at $81 after a minor retracement.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
In 2020, Litecoin is range-bound; there has been no significant price movement. The crypto is trading in a horizontal channel. The coin is fluctuating between $35 and $95. Today, LTC is falling after being resisted at the recent high. The 21-day and 50-day SMA are horizontally flat indicating the range-bound movement.
Litecoin is currently fluctuating as it faces rejection at the recent high. At the recent high, the candlesticks possess long wicks. The long wicks indicate that the coin has strong selling pressure at higher price levels. Meanwhile, LTC is above the 80% range of the daily stochastic. It implies that the coin is in the overbought region of the market.
Litecoin in 2020 has not made any significant price movement like Bitcoin. The altcoin has been relatively stable this year despite the ups and downs. In comparison with Bitcoin, Litecoin might reach a high of $600 by the end of 2021. It might reach newer heights, which shall define its innovative goals.
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.