Litecoin Price Revolves Around $60; Here’s Why?

Since its initial fall above $0.58 support, buyers have been making attempts to push LTC to the previous highs.

On August 21, the coin rebounded and reached the $60 high, but the uptrend was short-lived. The price dropped again to $58 low. Nonetheless, LTC price surged above $60 but the upward move was stalled at $63. 

Today, LTC is falling as it reaches the $60 low. It is most likely the selling pressure will persist. It is clear evidence that the crypto lacks buyers at a higher price level. Besides, they could not sustain the upward move. However, for uptrend resumption, the crucial support at $60 must hold. Otherwise, the bears can break the $60 support and extend the falling price to $54 low. Meanwhile, the coin is hovering above the $60 support.  

Litecoin indicator analysis

The market is in a bullish momentum as it is above the 40 % range of the daily stochastic. The EMAs are pointing northward indicating the uptrend. The crypto will rise if the price is sustained above the EMAs. The market will tend to fall if the price is in the bearish trend zone.

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20 

What Is the Next Move for Litecoin?

The coin will have another opportunity of an upward move when buyers were able to push the coin above the $64 and $68 resistances. Litecoin will reach another high of $80 if the buyers are successful. LTC will fluctuate above the crucial support if buyers fail to clear the resistance zone.

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.