Recently, LTC rebounded at a low of $40 and reached a high of $47. This pushes price out of the previous range bound zone of $36 and $40. The impressive bullish run places Litecoin above the EMAs indicating a possible further upward move.
Unfortunately, Litecoin is currently facing resistance at $47. In the first attempt at the resistance, the bulls were resisted and the price fell to a $45 low. However, after a second retest, the market went into a consolidation above $45.
At the moment, Litecoin is falling from the recent high of $45. The recent rebound explains that a further upward move is possible. More so, the price is above the EMAs. Litecoin will rally above $52 and the momentum will reach the high of $60 if the resistance at $47 is breached. The resistance at $52 is a minor resistance that can be crossed.
From the daily chart, Litecoin is above 80% range of the daily stochastic. This explains that the market has reached the overbought region of the market. Sellers may emerge at the overbought region to push prices downward. It is doubtful if the upward move will continue as there are bearish signals.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is consolidating above $45 after the recent rebound at the low of $45. The upward move has caused LTC to reach the overbought region of the Market. LTC will continue its upward move if the bulls sustain the price above $42. This will propel the possibility of a rally above $60. It is unlikely if the bears will break below $42 support. This will weaken and make LTC fall back to the range-bound 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.