Litecoin Reaches Overbought Region as Sellers Emerge

Litecoin's (LTC) is making positive moves as the price reaches the high of $177. The altcoin is rising to retest the previous high of $200. The crypto had earlier attained the high of $200 immediately it recovered from the previous downtrend.

Today, the current uptrend is making a series of higher highs and higher lows. The current trend retested the $156 support and rebounded above it. LTC price broke through the moving averages, pulled back to retest it before resuming upward. On the upside, Litecoin is likely to face resistance when it rises to the $210 resistance zone. However, if buyers overcome the resistance at $210, a rally to $240 or $280 is expected. Meanwhile, LTC/USD is trading at $177 at the time of writing.

Litecoin indicator analysis

The crypto’s price has broken above the 21-day SMA and the resistance line of the descending channel. The upward movement will continue if the price closes above these levels. LTC price is at level 45 of the Relative Strength Index period 14. The crypto is still in the downtrend zone and below the centerline 50. Litecoin is above the 80% range of the daily stochastic. It indicates that the altcoin has reached the overbought region of the market. Sellers are likely to emerge.

Technical indicators:  

Major Resistance Levels – $500 and $540

Major Support Levels – $160 and $120

What is the next move for Litecoin?

Litecoin is in an upward move. On June 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions or level $188.057. Litecoin is retracing for a possible upward move.

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.