Litecoin uptrend has reached the overbought region of the market. The impressive bullish runs have been put to a halt at the $51 resistance.
Buyers have been unable to push the price above the resistance for the past few days. Consequently, the crypto has been repelled as the price dropped to $49 low. Possibly, a fresh uptrend will commence as the coin finds support above the recent low.
In other words, as long as price continues to fluctuate in the bullish trend zone, the upside momentum will continue. The retracement has ended as buyers recouped above $50 support. Probably, a retest at the $51 resistance is likely. Litecoin will rally to $62 if buyers breach the resistance level. The coin may be compelled to a sideways move if buyers are successful.
Following the recent retracement, LTC price has been sustained above the SMAs. There is a possibility of a further upward movement of the coin. The coin is still above 80% range of the daily stochastic. It has indicated that the coin is in the overbought region. Meanwhile, sellers have emerged to push prices downward.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Certainly, the crypto has another chance of the price rally if the current resistance is breached. On October 12 uptrend; the coin was resisted at $51 high. The retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that the coin will rise and reach the level of 2.618 Fibonacci extension. That is a high of $55.41
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.