Litecoin Rebounds, Attempt to Sustain Above the Minor Resistance at $73

Feb 07, 2020 at 15:15 // News
Author
Coin Idol
 Litecoin attempts to sustain above the minor resistance at $73

In the previous week, Litecoin rebounded at the $66 low which catapulted LTC to a high of $73. Presently, LTC is threatened by the bears at the $73 resistance. The resistance has caused LTC to a sideways move above $72.

Litecoin is fluctuating above $72 but below $75.  Assuming the $73 resistance is breached, the price will rise to the $80 price level. 

A downward move cannot be ruled out if the bears break below $72. Litecoin may suddenly go down to $66 low. However, the $73 is the previous price level in August 2019. In August, the market was in consolidation at that same price level but LTC fell according to the prevailing trend.

Litecoin Indicator Analysis 

Litecoin traded and attained a high of $73. Similarly, LTC has gone up by 80% range of the daily stochastic. This indicates that Litecoin is in the overbought region. In that region, the uptrend may be interrupted because of the absence of buyers to push LTC upward. Usually, sellers are available to push LTC downward. However, the EMAs are pointing northward indicating the uptrend.

LTC-CoinIdol_(1).png

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

Key Support levels: $50, $40, $20

What Is the Next Direction for Litecoin?

LTC is pushing upward gradually after the resistance at $50 and $62. Nevertheless, if the $73 resistance is breached, LTC will be out of the downtrend zone. It is doubtful if LTC will rise because of the overbought market condition. Prices may drop in the interim before the resumption of the uptrend.

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.


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