Litecoin bulls have broken the $120 resistance as the crypto resumes its upside momentum. The crypto is likely to move on the upside as there are no impediments to its upside move.
The RSI is below 70 as the coin has room to rally to the previous highs. The next target price of the coin is the June 2019 historical price of $144. The crypto is trading at $129 at the time of writing. The current target price can be achieved if the bulls sustain the bullish momentum above the $120 support. However, if sellers push the price below the $120 support, LTC current move will be in jeopardy,
The crypto is at level 68 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone. The altcoin is likely to rise on the upside. LTC is above 70% range of the daily stochastic. This also indicates that the coin has bullish momentum. The moving averages are sloping northward indicating the uptrend.
Resistance Levels: $160, $180, $200
Support Levels: $100, $80, $60
As the market resumes an upward move, the Fibonacci tool analysis is likely to hold as previously indicated. That is, on December 19 uptrend, the coin was resisted at $124, but the retraced candle body tested the 61.8% Fibonacci retracement level. At that retracement level, LTC is expected to reach a high of 1.618 Fibonacci extension level or a high of $155.70.
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.