Litecoin has taken positive moves to reach a high of $62. It’s downward move from a high of $84 to a $56 low has ended. At the low of $56, the market slumped into the oversold region. In other words, selling pressure has been exhausted.
Interestingly, at the moment buyers are to emerge to take charge of the oversold region. Because of this, the market ought to resume an upward move. The upward move is possible but the bulls may face minor resistance at $62 or $72. Meanwhile, in its upward move, if LTC is resisted, it will be compelled to a sideways move between $56 and $64.
Litecoin has remained below the 20% range of the daily stochastic for the past five days. The delay in the buyers to emerge has affected the upward movement. The stochastic is making a U-turn indicating that LTC is in bullish momentum.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is likely to make an upward move if buyers emerge in the oversold region. The market is making a gradual move from a low of $56 and approaching $62. Traders, as usual, can take the early initiative to place buy orders. In this way, you can ride the trend in its early stages.
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.