Litecoin has made a convincing bullish move and it is approaching the overhead resistance. Despite its previous disappointing moves, the coin has proven every wrong right. Meanwhile, the coin is facing initial resistance at $46. LTC upward move may continue if price finds support after a retracement.
Assuming the price breaks above the initial resistance, it is also possible to break above the overhead resistance at $50. A successful breakthrough will land the coin above $60 price level. Nevertheless, the coin may decide a sideways move if the bulls were unable to breach the overhead resistance.
Litecoin's upward move is on track. The price first broke the support and sustained above it. Secondly, the price also breaks above the EMAs. These two movements portend positively on the coin as LTC approaches $50 price level. Interestingly, the market is above the 80% range of the stochastic indicator. LTC may still push upward.
Key Supply Zones: $80, $100, $120
Key Demand Zones: $50, $40, $20
Litecoin is making impressive moves to higher price levels. What will hinder LTC is the overhead resistance at $50. Two things will happen at the said resistance. One, Litecoin will face resistance at $50, which will compel the coin move in sideways trend. A successful break above the resistance may take Litecoin out of the downtrend zone.
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.