Surprisingly, the resistance at $50 has been breached putting to an end the price range of $40 and $50. About three days ago, Litecoin shockingly dropped to a low of $44. There were fears that LTC might slide down to the bottom of the chart. Nonetheless, the support holds as the bulls took advantage to retest and penetrate the overhead resistance.
Are the bulls capable of sustaining the price above $50 resistance? The upward move is probable if the bulls sustain the price above the current resistance. The market will reach a high of $60 or $70 if the current move is maintained. Conversely, the upward move is unlikely if the price breaks below the resistance. In such a case, the LTC will drop to a low of $47.
The price has broken the resistance at $50. The breakout will become valid when the price closes above the resistance line. The market has also shot into the overbought region of the daily stochastic. This is above the 80% range meaning that LTC is in a strong bullish momentum. The EMAs have a bullish crossover as the 12-day EMA crosses above the 26-day EMA. This indicates the upward move of Litecoin.
Key Supply Zones: $80, $100, $120
Key Demand Zones: $50, $40, $20
Litecoin is in an upward move as the bulls breach the overhead resistance. The pair is making an impressive move as it reached a high of $54. Litecoin is retracing after testing the price at $54. There is the possibility of price resting the resistance at $54. If it does break the resistance, the market will move up and reach its targets of $60 or $70 price levels.
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.