Litecoin Unable to Sustain Above $70, Faces Selling Pressure

Presently, Litecoin is in an uptrend after the coin came out of its range-bound move at the bottom of the chart. LTC uptrend has been unique because of the breaching of the resistance levels. Firstly, it broke the resistance at $50. Secondly, the bulls made three unsuccessful attempts before breaking the resistance at $62.

Nonetheless, the momentum extended to $70 high. Unfortunately, Litecoin rise has been hampered as it faces resistance at $72.The market is expected to rise provided the support at $66 holds. On the contrary, if the bears break beneath $66, LTC will reach the $60 low. Presently, the price is ranging over $66. It is anticipated that if the price holds, it is likely to bounce at its low. Then the bulls will have the opportunity to push the price over $70 and $80.   

Litecoin Indicator Analysis 

Litecoin has been trading in the overbought area of the daily RSI period 14. As the market was dropping the indicator was also falling and it has reached level 67. The bottom line is that buyers were not available to push LTC upward in the overbought area. However, sellers were present as they pushed LTC to a low of $67.

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

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

What Is the Next Direction for Litecoin?

LTC is in an uptrend, but it is currently retracing after the recent resistance at $72. Litecoin is expected to hold at $60 or $66, if it does, the uptrend may resume. It will portend negatively if the bears break below $60 and the downward move extends to the low of $50. Traders should look out to buy setups at the end of the retracement.

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.