Litecoin makes impressive moves and attempts to move out of the oversold area. Unfortunately, LTC reaches its first target price of $60 but struggles to break it. LTC is in a sideways move while the bulls attempt to breach the high of $60.
Now if LTC picks up momentum and sustains over $60, Litecoin will rally above $66 or $70. Alternatively, the market will continue to range, if the bulls fail to break resistance. The coin will be out of the bottom but will resume uptrend if the bulls are successful above $66 or $70.
Litecoin has reached the overbought area of the Relative Strength Index. It means that buying has been overdone and sellers may come in to take control of price. As a result, Litecoin is facing minor resistance at $60. The EMAs have a bullish crossover confirming the uptrend.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Expectantly, LTC attempts to breach the target price and attain a high of $70. Presently, the bulls are unable to breach the resistance at $60.If the bulls maintain their uptrend the $60 will be broken. Conversely, Litecoin may slide down to the $50 low because bulls fail to sustain the price over $60. The Downtrend will resume if the $50 support cracks.
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.